I guess it all depends on what you would use it for. It does not appear to be able to do anything fairly accurate, how ever it does have the tail stock, which is more then can be said of some for sale( might be rusted on!). There are 2 chucks, all the cross slide and compound appear to be there, with a lantern post and a tool holder, and a steady rest. Appears to have barbbet bearings on the head stock, yes it has rust, only one nite outside in the coast rain!
I am fairly sure it has lots of wear and rust pits, would need lots of work to clean up and be a bear to get every thing moving, but could make large bolt cannons or taper end of fence posts!
And as "historicalalarms" said a barrel making machine etc. As the first lathes were made from all or mostly wood, this would be a big step up!