I'll take rust pits on the ways over plain worn out. If nothing else, it would be a great machine for using a post grinder, welding, and metal hogging. I could do more with it then I can with my worn out South bend.
When I look at that lathe it makes me think that I could take a hacksaw to the bed and cut off the left 2 feet. Then move the head, legs, and gear box over resulting in a practically wear free lathe that would fit in my shop.
I had a very old 16" South Bend where a prior owner did just that.
IIRC it was flame cut with the headstock and leg re-positioned forward.
Between centers was about 18".
It was what it was...
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