Does it have a turret? If not then it is a short part machine not designed for general lathe use, if however everything that you plan on running fits within it's envelope Leblond makes an excellent machine.
The reason that there is no tail stock is that it was not made with the intention of making long parts, ever. Any drill spotted holes were drilled on another machine. As described by the name it is a rapid production machine, think Second world war production. After the parts were prepared nearly anyone could run one after it had been set up.