That is exactly the same lathe I used many years ago when I was in development work.
It even looks like it has the same quick release 5c collet closer.
They do take a bit of getting used to because it is a turret lathe, there is no tailstock on it, you have to realign the turret chuck with the spindle, it is fairly easy to do, because if I remember rightly, the cross slide handle is marked up in tenths of a thou.
A great machine if you can get it for that money, but spares and tooling do require a second mortgage.
John