Turns out I am not getting the Monarch. I talked to the earlier owner and he said the lathe needs the ways rebuilt. Says that when turning the part will increase .003 - .004 about 8" from the chuck then go back to zero at 18". Not something I want to get into. Thanks to all who have contributed to my questions.
I'm sure he would. If it wasn't for the ways being worn I would have got it even though it would be next spring before it was ready to run. I will monitor this thread and if someone is interested I will get them in touch with the seller, or they can PM me.