Is it worth saving?

I have an Atlas TH54 that is complete. A little rusty but all of the parts should be there. I can assure you that it has not been used in 55+ years.
I can also tell you for sure that I know nothing about a lathe, never run one, but do have a good concept.I am looking for a starter lathe and think this would fill the bill...........

Not what I consider to be a starter lathe.
 
I do not see any parts that look unrestorable, will take some effort for sure. For a 10" lathe, and free, I would tackle it.
 
Thanks for all of the support so far.
I guess nothing ventured nothing gained, can always sell it for parts.
There is a tool post grinder in there somewhere also.
Box of change gears, and plenty of cutters.
I've got micrometers and dial indicators, plenty of drill bits, taps and dies and of course a machinery handbook from 1950 14th edition.

Tozguy, why not a good starter lathe?
 
If you want your Atlas, Atlas/Craftsman or Craftsman lathe, mill, shaper, etc. (generally, anything made by Atlas or AA) entered into the database that I maintain for such models, enter the pertinent information into the thread at the top of the Sticky area at the top of this Forum. Periodically, I update the database that can be found in Downloads under the Atlas/Craftsman Category. The file type is DBF and the specific type is dBase IV. As few people will have dBase IV or later, be advised that Excel and most of its clones including Open Office can read the file..
 
There are several youtube videos of complete restorations of these machines so you can see what other people have done.
 
Take lots of pictures as you disassemble; can be a big help in putting everything back together properly once it's cleaned up.
 
ALSO. We like pictures too!
 
G3,
Unless I misunderstood your opening post your objective is to learn metal turning. It appears to me that you will not be starting to operate this lathe anytime soon. Apart from rust removal will you be able to identify any issues that need fixing or that will limit its usefulness? I humbly submit that your objective would be better served by starting with a hobby lathe that is already operational.
This lathe is a wonderful project for someone who wants to learn machinery restoration. But it is an unknown that is a long way away from being a machine to learn metal turning. Sometimes things are not so 'free' when they cost tons of frustration.
 
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