Loacation, condition and included tooling would determine if that was a deal, IMO.
I am just finishing up refurbing a similar size 1953 SB that had been in storage for several years. It had good ways with some scraping marks still showing, taper attachment and came with 2 chucks, faceplates and other assorted tooling. I paid about that much, but here in my area of the south, decent machines in good condition of any brand are few and far between. Mine wasn't a great deal, but it was OK to me for my area.
If no reliable history of that machine is available, I would figure on at least pulling the spindle and replacing the oiling wicks on the main bearings. South Bend used felt wicks in several places (QC gear box and apron) that deteriorate over time. The only way to change them is to tear down the pieces. No way I know of to check them without a tear down either.
If the machine has a threaded spindle, it will be 2 3/8" x 6 thread. Accessories for that thread aren't as common as the the 2 1/4" thread on the smaller lathes. That's why tooling is important.
Also, the 16" lathes had an 6 pitch lead screw. If you need to cut metric threads, you need a 127/120 transposing set that only works on that machine. They don't come up often either.
BTW It will weigh about 3500 lbs.
Mike