RESULT!!!!
I'm pretty happy with the result, it's one of those quick things that you either are there to take advantage of, or not. Surfing eBay this morning looking for various bike crap I loaded up one of my saved search terms, only to find an auction that was (for once) in my price bracket. It was a 24hr auction and it looked like the chap needed the cash quick. He had a mobile number seeking offers to buy it outright, so I sent an offer: $320
2 hrs later it was accepted via a phone call and a further 3 hours I had it back at home in my garage
I'm going to need some help getting it in perfect running order, but will write another thread for that.
Here it is in all it's glory:
Needs a new belt and motor is a bit dodgy, wondering if I can convert it to direct drive instead?
Came with a box of brand new carbide tip holders:
Seems really solid, no wobbly bits, bed seems solid, wheels and cogs are smooth, tail stock is solid on the bed. I will need a 3 jaw thingy but otherwise it's looking ok.
It's got this lever which locks in these 2 cogs, no idea what it's for as it locks up when fully engaged. Thining it's not working perfectly and I suspect it's there to change the gearing ratio:
Next up is to strip it back a bit, clean and regrease stuff, put it back together and see what needs repairing or replacing.
Very pleased to finally be on the path to doing some basic metal turning.