twinotter,
Welcome aboard. Based on Craftsman Power Tools catalogs, that model was made from 1959 through 1967. Counting yours, we only have entries that include serial numbers for six lathes, two of which are 101.28970's. The highest serial number that we have in that group is 008012. Unlike the earlier 3/8" bed models that were (all 12 model numbers included) made from 1936 through 1957, the spindle bearings were not marked with a date (which was probably the bearing inspection date). But assuming from the very limited data that a total of 10,000 of the 1/2" bed models with the knob operated power cross feed were made and that the production rates were constant over the ten year period from 1958 (first 1/2" bed bench model) to 1967, yours would have been made in September of 1960. The accuracy of that guess is certainly no better than +/- one year.
The 1/2" bed models are not known to have any particularly high failure rate components.
Are the numbers "259" and "3" shown on all four of the bearing parts (both cups and both cones)? Are they machine or hand engraved?