I may as well put my heart out here on this one. First, I agree with all who recommend the refurbish and overhaul of the two Southbends you have. Secondly, regarding my heart and the trades that have been decimated by cheap labor, I'm not going to knock a specific country but the skills required to produce a quality product isn't available where these products (cheap Asian imports) are made. I'm not questioning intelligence because it's all about training. I doubt seriously if anyone can get the hours out of a cheap import even close to what the Southbend has.
I came to this site looking for information on the DRO for my recently acquired Bridgeport mill. I have an old Lodge & Shipley lathe (along with a Machinist Handbook with a 1936 copyright) given to me by my father-in law, who I probably insulted when I asked him if he bought it new. Hell I didn't know, this was 30+ years ago and he was 80 at the time. I got; "Oh no, this thing was old when I got it." He was looking at me as if I was nuts. I was a newbie, inexperienced but I will share his comment to me; "There are machinists who can produce parts on this to .001" and those who can't produce parts to .010."
I don't think you're into producing production part runs. I'm not sure what the condition of your lathes are, and there are folks in every trade who will abuse any piece of equipment, so refurbishing an abused piece of equipment can be more difficult than a worn piece. Determine which pieces need to be replaced. Are the ways worn so badly that you can't turn a decent part. etc. Understanding lead screw slack/play/slop along with crossslide screw wear is important and understanding this and how it works is the key. Every piece of equipment made has it's roots in the lathe. Anything produced on a mill can be produced on a lathe, with speed being the only difference. Are you in a hurry to make chips?
Remember, the first lathe was two forked sticks stuck in the ground supporting the much straighter branch that was turned to produce a much straighter/accurate part, and so on. I guess this is a good segue into my lathe that has a motor support frame mounted to the backside to drive the transmission belts which were originally powered by a lineshaft. As my father-in-law explained the working of the line shaft driven by a natural gas (plentiful in Los Angeles at the time) driven engine which was usually outside the shop, tended by the shop boy who's job (one of) was to make sure the water didn't boil out of the reservoir cast into the top of the one-lunger engine. His comments seemed to always lead with, "You know." I would respond with, "No, I don't know," which leads me to my close. I was taught by craftsmen, those who were willing to teach the best. I'm a self-employed journeyman sheetmetal worker, certified welder, who will always be an apprentice to some degree because "I don't know."
Thanks,
Russ
PS. I will post photos of the lathe soon and I'm still looking for a date manufactured.