Rich you still have your way grinder? How deep is the wear? Also to those reading this note the raised bump or ridge along the bed front Vee way. Know what caused that? The saddle has or had because it is probably worn out too...lol
It was a straight oil groove in the saddle and it never wore there and left the ridge. I would measure the depth and decide. I'm thinking the bed was induction heat treated vs. flame hardened. If you has a portable plastic tube ball bounce hardness tester you could tip the bed so the v way is level and drop the steel ball on the ways near the tail-stock and down where it's worn the deepest and compare the bounce.
Also if a hardened bed is worn that bad the soft saddle must be worn 2 or more times the bed ways and will need to be raised with phenolic or turcite. They must machined or ground some sort of abrasive material on it and never clean and oiled it?
How are the other parts on the machine? rack and pinion, feed screws? Caraige worn out too...if it still runs sell it to a rancher as -is, who fixes tractors and the like. If it's for your use and everything else is not worn to bad, work on it in your spare time and keep it or sell it to some job shop as a second op lathe. Hi to my Mates down under :-) Rich