I mean, just clearing the stand and chip tray and brushing the chips off would make it look a whole lot more attractive even that that price. I'm not sure I could bear the shame of offering something in that aesthetic state!
For $199 it does look a lot of lathe for the money, assuming it doesn't have any
fundamental issues (even then, parting it out might make $199 a good price, I don't know the demand for Sheldon lathe parts). I daresay with some time, elbow grease and a familiarity with Sheldon lathes of that period, one could end up with a nice, sturdy well running machine tool.
But just 10 minutes would make
me personally feel better about listing it on eBay without worrying what people would think of me!
I see this kind of thing in the UK, less so on eBay, but often on FBM. Not at a couple of hundred quid either; quite often they're offering a smallish discount on what you'd expect to pay for something in well-used but bearable condition.
