South Bend makes a good lathe, much sturdier than an Altas / Craftsman lathe.
The piece in the spindle tube would be for a collet. Not familiar with SB but if could be a size other than 5C ( still available but lower amounts on the market make for higher prices )
If it's free ( as in moves easily ) and runs, then $500 is a good price. That light rust can be removed easily with a razor blade. As stated earlier, the more tooling, the better the deal.
Just so you know, "Hobby Size" machines bring big money compared to true industrial machines. Not everyone has the room or a way to move a multi ton machine but a 200 to 500 pound lathe or mill can be disassembled to put almost anywhere. That's why some good quality small machines bring big bucks.
Jeff
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