you're an optimistic sort of fellow.Really he is dreaming when he offers it for sale, He would be glad someone will pick it up. Yes it can be restored. Almost anything can. But apart from hundreds of hours labour and perhaps 1000$ in parts this lathe isn't turning any more.
I'd peg the restoration at $2500 minimum based on what I'm finding my colchester parts will cost me. What did @Rauce pay for his bed regrind again? I dont even know about that lead screw. I looked at it closely when he had the old pics posted, it was pitted beyond salvation.
I figured if I got it for scrap value I may find a few salvageable parts to help someone else on their projects... after I spent a lot of effort to find what was salvageable and what was not. Even after selling everything and scrapping the hulk I'd have lost money due to the gas costs to pick it up