That is the operative point in your post. A decent SB lathe is a very rare thing these days.. It was a very rare thing in 1970 as well.
Gunsmithing in todays market place is a completely different animal than it was 50 years ago. Precision is the name of the game and that means having good equipment. You are not going to make a living installing Sling Swivels or Mounting Scopes as most all guns come with sling swivels and the guns are already D&T'd for scope mounts or have Picatinny Rails. Any one can mount a scope now and drilling 2 1/8" holes for Sling Swivels is not too hard either.
If you are looking at it from a Hobby perspective then those older machines might be ok as long as your expectations aren't too great.
If you want to do work for other people, you will rue the day you bought an older piece of Junk,,, the first time you screw up someone else's gun.
There are Two Components to Craftsmanship.
1. Attention to Detail
2. Personal Responsibility
And it doesn't matter if you are Flippin' Burgers or Building Rocket parts, they still apply to everything you do.!
"Attention to Detail" is obvious. You have to see and check everything.
"Personal Responsibility" is the part where you don't let anything you found in the "Attention to Detail" portion of the exercise, go out the door! And if you screwed up something you need to fess up to it!
The Personal Responsibility part also extends to your clear assessment of your abilities and also to the capabilities of your equipment.
Hence the need for good equipment in the beginning, and the willingness to learn how to use it effectively becomes and ethical component to the craft.
Anything else is Hack Work !, and also means you don't really give a ship about what you are doing. It also means I got no use for you, and you damn sure aren't gonna be Flippin' my Burgers!
The one place which I believe you should never see shoddy work is in Guns.
Guns are too sacred a tool to be disrespected in such a way. It should also be noted that the entire Machinist's Discipline revolves around the making of Interchangeable Parts for Guns!
They are the things that make all men equal, despite what the creator may or may not have intended,,,
as that hadn't worked out that great until the evolution of man corrected it just recently.
Randy