One nice thing about these old machines is they're pretty easy to work on, though you probably won't want to be messing about much with the spindle bearings or scraping the bed back to level anytime soon.
If you do take the plunge, its very helpful to have a mill and lathe in good shape nearby to work on parts. You'll probably get experience boring out bushings, sleeving shafts, making gears, etc.. its a great learning experience. You'll need lots of space to take the thing apart and lifting equipment so you can take parts off- the headstock and carriage will be heavier than you can lift by hand.
The lack of parts sounds scarier than it is most of the time. If you find a worn out or broken part, then the question is how to make a replacement- which is when you'll start really learning.
So I'd say if you want to buy a lathe thats ready to go, then its probably not the best first machine unless its in quite good shape. OTOH, if you have the space and want to work on it & learn a bunch, then its sure to be an interesting project.
Greg