The tool post is worth the better part of that asking price. I'd be in the car NOW with cash in hand on my way to buy it if I lived anywhere close to Amarillo!
Seller stated it doesn't go into reverse and it has some play and its considered a "student lathe". I can't go see it until the sellers road dries up a bit.
I'd want to be clear just what 'a little play' meant, but from a distance the price seems reasonable. Smaller lathes in decent shape go for $1,500 around here.