At best, I think the Bandit controllers were doomed due to circuit board/connector issues that would drive the average guy nuts nowadays. You practically need to stock a second set of boards if you intend to keep one running. Strange dichotomy: the control is worthless, unless you need to fix one
But, for simple programs, you could certainly type in a lathe program and make some parts with it.
The Bandit gcode was a variant of standard gcode, but I think they lost out, sort of similar to Beta vcrs losing out to VHS, although that is not saying that their gcode system was superior. You've gotta learn to love G92 if you are going to run a Bandit.
Len Albright can sell you a newer version Shadow controller to replace the Bandit, but even the newer version, while more reliable electronically, is not a vast improvement. I still use one on a knee mill retro. For single tool jobs, it is not irritating to use, and can return some good coin. I've even cut some molds via DNC, but the control is no number cruncher and will choke up on a typical 3d program.
AFAIK, the original Bandit could use tool radius comp, but be darned if I can figure out how to make the newer Shadow use tool radius comp. It seems to just drift off in cyberspace somewhere, cutting hither and yon in random fashion. The old Bandit could digitize its tool offsets (while in jog mode) whereas the Shadow cannot.
In one sense, the Bandit/Shadow is fairly interactive, sort of a potential hybrid between manual and cnc, if you so choose to run it that way. You can easily command single movements, or interrupt a program, insert/edit a move, back up and execute that step without any delay and continue running a program. Dangerous? yes. But it will sharpen you up about programming errors, and thinking about what you are doing
At least on the newer Shadow, you could display a half a dozen lines of program at once on the screen. The Bandit was more difficult, with the one line LED command window, and another dozen LED's by the keyboard keys, etc. It is almost a waste of your time to go into learning how it all works, unless you just want to hobby around. Your work focus will, however, become the controller itself and programming it, moreso than making parts with it. IMO.
Bobcad and Bandit, a good combination
I got Bobcad originally so I could download programs to the Bandit as it would dump the program at any moment if the power so much as flickered. Back in the early 90's, there was not nearly as much good used cnc equipment around as there is now. Upgrading a Bandit to a Shadow made some sense, but now, at $10 grand for the upgrade, I do think you would do better to shop around for a newer control on a newer machine, unless you wish to revert to stepper based PC controls.