Its over priced. It can do a lot but gears can run $150 for the set or $17.00 each to fill in whats missing. I have a later model the 3950, I do a lot of production work on but it is heavily modified. THe tailstock will only drill 1 1/8 with out having to move it up, so its a pain to drill blanks. A qctp will set you back another $100. If you have to replace that home made handle its $40,00
I would pass unless you have experience with the lathes so that you can inspect it properly. If the lead screws or half nuts are worn you can add hundreds of dollars to it to make it right. By that time you could buy a nice 7 x16 and be able to do metric threads easier, have a 2 1/2 in drill depth, etc.