Looks like a good sturdy machine. Those old colchesters are capable of hard work. Is the bed hard or soft? Some of the roundheads had soft beds. Watch out for the gamet bearings. If you have to get new ones you may have to dig fairly deep!

Even if the lathe is old it does not mean it has had it. Just look at the old DSGs and Halifax lathe in the mech eng toolroom at the uni!

I am sure you will enjoy taking cuts with a machine with a bit of meat. The saddle also has T slots which are great for boring jobs.