So i did the latter, at least i will have it to make stuff with in the future.
I bought it from a local auction, fairly cheaply. It was it a terrible state, so after spending a few weekends cleaning it up it was starting to look better. I wish I had some pre restoration pics.
After stripping it all down i decided that all the bearings were in good enough condition to use as was, i just needed new belts and new oilers.
The only other thing i needed to replace is the motor, this is on order so should be done this weekend.
I didn't realise it at the time but it is an extremely rare lathe, its a Myford ML7 Tri-Leva with screw cutting gearbox. Its truly british engineering at its finest, i've tracked the serial number down to figure out that it was made in 1966.
I'm quite proud and really looking forward to using it to make loads of nice stuff.