Very big machine but not very capable as lathe. 800 minimum RPM and long, thin spindle means you are not going to want to turn bowls (or big spindles) on it. 9/16'' spindle will make it hard to fit a 4-jaw chuck. I think you could have a machinist make a custom adapter.
That said, it is a very cool piece of old iron. If they are selling cheap enough, it would be worth picking up just to have the stand.