I have a Jet 1442 with the Reeves drive.
Like you, an opportunity presented itself to to get a larger one from the midi I have, which does have variable speed. While used, the deal was much too good to pass up so I jumped on it knowing that the Reeves drive has limitations and potentially some issues. Since getting it I've not regretted it at all, but have had to replace the belt and must frequently look under the covers for one thing or another.
Would I do it again if I were in the same situation I was in? Absolutely, IF it were a great deal.
Would I get another Reeves drive lathe if mine needed to be replaced? No! I'd wait for another good deal on a variable speed or save up until I could afford one.
The one I have was perfect for me at the time, and has served me well. It countinues to. But I'm always on the lookout for a better one. Better, to me and among a few other things, would absolutely be one without the Reeves drive. I use it most every day and enjoy my time with it, but know what you're getting and what you're not getting. Having had one before, remember back to those days and ask yourself if the deal is worth the trade offs.
Good luck and enjoy whatever you end up with!