I'd keep it as a second lathe. You could use the control board in the new lathe to power it, by running cables between the two, with a changeover switch.
If you decide to sell, it won't fetch much as a non-runner. A new control board from LMS would cost $120 - £140 (you used the expression "part it out", so I assume you are in the US), but fitting one would probably be worth it.
Not sure about a TCG; you would have to fashion some sort of up/down/tilt mechanism under the topslide, and maybe speed up the spindle.
Andy