Thanks for the good advice Chipenter! I ended up using your advice on another lathe that my brother got a line on, a Logan 825. He found an entire shop for sale for pennies on the dollar and offered to buy the whole thing! It could still potentially fall through but if the seller accepts he'll have the Logan lathe, a medium-size Bridgeport, an Atlas 7" sharper, and a Boyar-Schultz 612 surface grinder, along with tooling for everything.
The best part (for me) is that he's looking to set it up in my shop! This is only until he has a place of his own, but I'll still take the opportunity!