Looks like a great lathe, check it over, give it a basic levelling, see how it cuts, tune it from there. Don't worry about not having "everything", see what you can do with what you have. "Money" takes care of the rest, learning how to make tools and making tools to learn can save some. Learning is like money. Get your hands on one of the South Bend books, some of the older ones seem to be better.
The lantern style tool post is not the worst, sometimes it will work where others won't, don't bin it. If it has the threaded on chuck, (I think it does), remember it can come loose/off cutting backwards. There have been various locking devises used/devised.
Try to get all the sawdust out/off it, some types are very corrosive with the slightest bit of moisture. Check gears for play and lube. Make sure the carrage clutch does not not stick/bind when used, in hand with that don't over tighten drive belts, slipping belts can help prevent a "bad" wreck.
Others will have more.
Have fun, look foreward to seeing some projects.