That's a heck of a lathe for the money. Just depends if you actually have a use for it or not. It will not be well suited for small parts as you will be limited by spindle speed (the smaller diameter the part, the faster it must turn) those old flat belt machines don't like to run high RPM's. They were designed for HSS tooling and the appropriate SFPM. If you were doing medium size parts (~1.5" and greater) it would be a very stout machine.
For a general home shop machine I would pass personally. I use my little lathe (10") probably 9 times out of 10 compared to my big lathe (15"). For making small pins, bushings and the like, the small lathe is just so handy. All depends on your type of work and what you need it to do. 18" swing is a heck of a machine.