Re-Badged Colchester Master Mk 1 1/2, basically Mk2 carriage on Mk 1 castings. Probably late 1950's early 1960's not that it matters much as condition is everything. Rule 1 is re-furbishment is not economically possible. To do the job properly will cost far more than a better machine. Repair is possible, assuming parts can still be found, given a sound machine as the incremental cost of fixing comes out less than replacing with another used machine. Possibly even going as far as headstock bearings which, as Sable says are eye-wateringly expensive. Different story when it comes to buying. Any problems in the top of the headstock such as bearings or clutch packs make it walk away time.
Really you need some history. In production or job shop work these were made as disposable lathes to be destroyed for the value of the work produced. However relatively low price, due to flow line production, respectable accuracy and decent specification meant that a goodly proportion of machines went into maintenance shops, training and the lower end toolroom shops where they got either relatively little use or were looked after. One with that history and little subsequent job shop abuse is, as Tyrone says, a nice little lathe. My pal Mike the Pilot has one that started out with maintenance shop history followed by standing around at the back of various garages for occasional jobs. Its almost unworn. Got it for "£650 if you pick it up" in 2006. Which is about right as it came with a Dickson QC with 10 toolholders and a Multisize collet set as well as the usual chucks and all standard equipment. Totally unnecessary grot paint job tho'.
On any machine worth buying the headstock bearings will be OK. Pretty much everything else should wear out first. If it hasn't there had better been a very good reason! Clutch packs should be OK on a machine sufficiently unworn to be worth buying. Most likely trouble there is maladjustment. Its not that difficult to get right but you do need to read the instructions. Generally folk tamper with the clutch to fix a different problem. Screwed up clutch and brake adjustment is the first place I'd look for a reason why an apparently useable machine was moved outside. If the clutch is bad due to wear there will be plenty of evidence elsewhere. Headstock gears go from noisy to where are my earplugs as normal. If you don't have to shout it will last long enough in home shops. Block style gibs are effective but defeat many technicians. Threading half nut really is a half nut so it wears. Hunt the shear pin is a nice game when the power feed fails and you don't have a manual. The overload device in the feed drive has a mind of its own when it gets old. Nothing that a strip, clean and careful reassembly won't fix but monumentally frustrating if you don't. Another reason for moving it out. Tailstocks wear. If the poppet jumps up and down and / or won't lock its good evidence that the machine is past it. Some unnecessary cleverness in the electrical switch gear defeats folk without the manuals.
Always a serious risk if you can't run it up. Even something as simple as a blown motor may be enough for a neglected and down at heel machine to be moved out for a plug'n play replacement. A couple or four days work to clean, lubricate and set up properly along with some minor replacements is a bargain for Home Shop Guy. For Commercial Man a replacement is cheaper it being too expensive to pay for the time needed to undo neglect. Heck often its too expensive to even haul the exiled machine further away than the yard! Especially if its not been used in years and the space is needed.
Be very careful. Start bid is scrap price and I'll haul. Scrap plus E-Bay prices for chucks, steadies and accessories if in OK condition is about as far as I'd go. Walk away if its a bare machine sans chucks et al. Wonderful bargains and money pits look much the same in this scenario.
Clive
