Cracking doesn't sound like the paint to me, that sounds like the filler & the filler is soft. If you want to repaint the entire lathe, it's not just the paint you'll be stripping if you want it done right. Mine is 11 years old and I only have a few spots where that has happened. Plenty of chips & scratches though but still looks pretty good. It's a lathe, the paint won't stay nice looking forever, I know it can be hard to accept that if you were so used to it looking new. Was the same for me.
If it bothers you that much perhaps get some paint for touch up. I repainted my gap cause it caught on fire, well chips on it caught on fire & burned the paint. Not as bad as it sounds but bothered me enough to repaint it. I think there were at least two shades of white the PM1236 came in. For mine Rustoleum Heirloom White is a near perfect match. But I know there is another shade of white that PM machines come in that is a completely different shade. I also have a quart of alkyd enamel that I got color matched from Dunn-Edwards. Not sure why I got the quart, I haven't really used it much except for when I used to touch up certain spots.
