The fact that it was your Dad's lathe and not used for over 55years makes me wonder if he was happy with it and whether he would wish it on you. The stuff I want to leave to my son is kept good condition ready to go. However it is perfectly OK if he does not want it for whatever reason.
I understand the sentiments you might have. I kept some stuff from my Dad's shop, not all for my own use but solely to offer to my son should he want it. But there is nothing there as bulky as that metal lathe.
In my Dad's heart I believe that your father would rather see you enjoy more modern equipment.