Ditto On EE Spindle Bearings. We bought one years ago at an auction, it had a bad set of bearings, (we got it cheap for that reason), we were lucky to find a matching set at Harris Tool for $3500. But that was 20 years ago Great lathe now, but not suited for Gunsmith Work.
One, the collet assy is part of the lathe, you would either have to make parts to get rid of it, or find something by way of Monarch. Two, the bed is quite short. Three, the older ones have their own built in generator and motor set-up, real antique stuff. Anything goes wrong, it will cost a fortune to convert it to a modern drive.
We converted ours to straight mechanicle drive by removing all of the originol equipment, taking the armature out of the motor, replacing it with a jackshaft, and coupling it to a variable speed PIV drive coming out the tailstock end. Works great. But we did everything in house. I cannot amagine what this would cost if you had to have it done.
We have the 6 station turret assy for ours, we use it more as a small turret lathe than we do an engine lathe.
Most of the ones you find now have been converted to some type of modern frequency drive, I think Monarch has their own in house program to do this.