The herringbone-headstock Sidney is one of the very best lathes ever built, and you are potentially very fortunate in being able to get one for yourself.
That said, the last of the Sidney lathes would have been built in the early to mid-1960's, and would now be literally a 'half-century' old.
As has been said, many times, the three most important things to consider about an old machine are 'condition, condition, and condition'
Some older lathes were used carefully by skilled machinists and toolmakers, and will be well-preserved, with only very slight wear in the ways and screws.
Some other old lathes saw 'three-shift' war production, with unskilled operators, abusive treatment, and lack of proper maintenence. The will be found so badly worn as to require complete rebuilding, altho, if one will run at all, it may be cost-effective to use for 'roughing-out' parts in materials such as the stainlesses, which will then go to another lathe for the finish cuts. This saves time by effectively using the 'heavy hogging' capability of a heavy geared head lathe, and saves wear on the lighter, more delicate machines which are capable of tight dimensional accuracy and high finish.
This can be an excellently practical way to save time on some work, when large diametral reductions, and closely held dimensions with a high finish, are required.
If this one is to be used in a private experimental shop, saving time is only a minor concern........what does matter is the capability for accurate work, relative to the work to be done.
Have the top cover off, and have a look at the gearing. Sometimes, a lathe will sit in storage for some years, and the gears above the oil level will have become badly rusted from condensation. It may.........just may.........be possible to salvage gears which are only slightly rusted. That means having the headstock apart, and delicately cleaning the gears, a job 'not to be taken lightly'.
Have a good look at the ways. Does this one have hard ways? If not, are the ways clean and free from scoring, showing careful use? Has the spindle taper, or cam-lock nose, been badly battered by careless operators?
As has been said already, that relatively low max spindle speed is not a problem, unless you mean to do the class of work for which a HLVH Hardinge, or equivalent, is the appropriate machine.
cheers
Carla
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