If the machine isn't all clapped out it's well worth the money. I have a little newer Sheldon model MW-56-P, and it's a great machine. There is a Sheldon lathe group on Yahoo. It's run by a gentleman by the name of John Knox. He was an engineer for the company for many years. He is a great source of knowledge. I have spoken to John on a couple occasions when adjusting spindle bearings and rebuilding the drive system on my machine. He is easy to talk to and is more than happy to lend a helping hand and give guidance to new Sheldon owners.
https://groups.yahoo.com/neo/groups...lYwN2dGwEc2xrA3ZnaHAEc3RpbWUDMTUwMTc4MjMxOA--
While parts with the Sheldon nameplate and part numbers may not be readily available many of the generic parts are still available. There are still some vendors that carry OEM parts for some models. Bourn and Koch in Chicago comes to mind. In years past they sold Sheldon machines and support them as much as possible. Keep in mind Sheldon went out of business in 1999 or 2000, so it's not like they've been gone a hundred years. There are still quite a few of their machines in repair and production shops.
https://www.bourn-koch.com/
The "lathe" portion of my particular machine was rebuilt by the previous owner. By "lathe" I'm referring to the spindle, carriage, bed, and tailstock. He replaced worn and broken gears, worn spindle bearings, lead screw, carriage (including new feed screws, bearings, and having the ways ground). He also had the bed reground. In short the working parts of the machine were new (25 hrs. of use) when I purchased it.
I just finished rebuilding the drive section and adding a tachometer. The drive on this machine is a Worthington model 3B AllSpeed drive. It's similar to a Reeves drive in that it uses 2 sets of variable sheaves to change speeds rather than change gears. While the machine is 60 years old all the bearings and bushings are still available as off the shelf items from bearing suppliers. The original bearing manufacturer is long out of business, but there are many other brands that cross reference.
As far as controls are concerned Sheldon used Furnas for many years. Like Sheldon Furnas is long gone. However if you need small parts there are still a number of companies with new old stock. If you need major electrical components I would switch to Allen Bradley. The contacts and coils in my machine are still in good shape. However when/if they do require replacement I have purchased a NOS 709 reversing starter system in the factory enclosure for $100.00.
In short almost everything needed to refurbish and/or repair a Sheldon machine is still available. It may take some time to research specific components, but unless the machine is worn or damaged to the point of no return it can be brought back to life.