I have 'fixed' over half a dozen of these machines from various suppliers, This was the worst ever, but all needed a little tweak to the main casting runners, most were no more than a couple of thou, but a couple needed 5 or 6 thou truing up.

With the gibs that come on these machines from whichever factory, those sorts of errors would preclude them from being used as CNC machines as is.

But as I showed, maybe not with that machine, but with a normal one, a good days work by a competent machinist can turn them into being a reasonably high precision machine.

With regards to your old machine, it all depends what you want it for, if it is for personal use, then I would have no qualms about bringing it up to modern day standards.

Leaving it restored to original standards, I doubt if it could be used in a workshop for any sort of accurate work.

Many years ago, I bought a badly damaged 1938 Atlas 10f. Most of it came in a big sack. By making and buying a few new parts, I got it running so that at least I could use it. Over the years, I gradually brought it up to modern day specs, and even the mighty Myford couldn't shine a light on it's accuracy and reliability. I used that lathe for many years, until it was replaced by the one I have now. I only replaced it because the Atlas just wasn't large enough for the jobs that were to be done.
It is now in the hands of a newish model engineer, and if it is looked after well (I threatened him when he took it), it will give another 70 years of good, accurate service.

Just because it is old, doesn't mean it is no good. If the castings are in good condition, you can end up with a small lathe that is better than any of the modern stuff. But you must be prepared to put the time and love into it.

John