That thing looks like it has seen better days. The HC lathe is a manufacturing lathe. No leadscrew on the thing, so no screwcutting unless you have the special follower attachment. Mainly these were production machines. They came with a 10 (?) station tool holder on the cross slide, and there was a cutoff attachment available that mounted to the headstock. These are used mostly for small parts, as you don't have much swing over the toolpost (only a couple inches) and you don't have much room for a tailstock if you could find one to fit (the didn't come with one).
A couple of these came up near me when I was in the market for a lathe. I passed mainly due to the lack of tailstock and screw cutting. If the headstock and ways are good, I am thinking it would make a great CNC conversion.