No and yes. Yes, you gave me enough info to add the machine to the database.
But no, this is not an early fifties machine. The first 12" Craftsman lathes appeared in the 1936 power tools catalog. These were the 101.07360 (no back gears) and the 101.07380 (came with back gears installed). These both had babbit spindle bearings and the externally visible characteristic was a fabricated change gear cover and an electrical junction box mounted on the fixed portion of the change gear cover,. The following catalog year (1937) these two became 101.07361 and 101.07381. The cast cover appeared, the motor switch was moved to a hole in the front of the headstock and the junction box wasn't used. There were some other changes, too. And the first Timken bearing model appeared, the 101.07400. There does not appear to have ever been a Timken equipped model without back gears.
In 1938 they were 101.07362, 101.07382 and 101.101.07401.
In 1939 they were 101.07383 and 101.07402. The same year the 10F was introduced and I think all models got the new change gears with the longer hub. I think also that the model without back gears was dropped. At least no 101.07363 have ever turned up.
Anyway, your machine was probably built in 1939.