I also wouldn't be too worried about checking runout. See if the spindle turns free and smooth. Of course if you can inspect under power listen to how it sounds, you'll know if the bearings are bad.
Looking at the machine in the picture, it has way covers, a hopeful sign the ways aren't too worn, but be sure to check them anyway.
It also looks pretty clean, but only a close up inspection will tell for sure.
There will probably be a fair amount of backlash as the machine has power feed so this shouldn't be a dealbreaker, especially if you plan to add DRO.