Hi Roadtech - welcome to HomemadeTools.net
Very interesting; I'm going to move this thread to the Tools in Progress subforum so that other people can take a look too.
For starters it was line shaft driven, converted with vehicle transmission, and probably 6 spindle speeds now. Could add a couple with a stepped pulley. Not so much to increase, spindle bearing is probably bronze and long life span, not capable of RPM's past 650 or so and a oil cup. Kind of like Seneca, but can't see if ways a Vee or flat. Flat is less likely an industrial machine, but not necessarily less quality. Wooden base would have to be perfectly rigid to allow flat level bedways in both planes, A lathe isn't setup properly or able to turn straight and cylindrical otherwise. Milling is possible with a good straight and tight spindle. There are several milling arrangements detailed here on HMT.net.
I'll bet it has some history, worth investing time to refurbish. Age alone doesn't inhibit a machine like poorly done repairs do. Just unbolting, some cleaning and paint, then sticking it back on is not going to produce good results.
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