You seem to like fixing things up, I can see where it would be fun to have that old lathe. I would offer $500 bucks. If he takes the offer have done fun with it other wise have fun with your HF unit until your 1236 comes in.
I was trying hard to walk away from it... but you hit the nail on the head... I like fixing, or at least working on stuff... too many pending projects, but I do not care...
I have been going over the photos and identifying what is missing, and trying to search for those parts to figure out how much more I would have to spend to bring it back to its glory. Well, using eBay, it is clear that parts are not easily available and those I have found so far, are very expensive.
This is the list of what I can identify from the photos...
Broken Cross Slide Handle
Broken Top/Tool Slide Handle
Missing Tailstock Quill Lock
Missing Tailstock Lock
Missing Tool Post
Missing Steady Rest - this one alone is over 200.00 in eBay
Missing Follower Rest
Missing Centers
Missing Face Plate
Missing Dogs
Missing Tool Holders
Missing Drill Chuck
Missing all the wrenches
And then there is the condition of the ways... clear rust on them, but can't tell if surface rust or if it runs deeper than that...
I will try to see it this week and take better photos...