I bought one (5914) 20 years ago for $400, put $1000 of parts in it and still have a $400 lathe (worn bed). The parts are available but not cheap. Most of these are old enough (1960's) to have bed wear or other problems common to old lathes. However the overall design and manufacture of this model is first rate, so if the bed is straight and not badly worn, you might have a winner. The hydraulic mechanism for the cone pulley is also a typical worn area as are the cone bearings, sleeves, etc. The cone pulley jackshaft is also pretty noisy. I replaced all of the motor and jackshaft bearings in mine which are easy to find except for one thin shell "torque tube" bearing which is rarely stocked (check aircraft suppliers). One common fix is to replace the whole variable speed arrangement with an VFD (variable frequency drive inverter). At 2 hp it is possible to find these with
230 v single phase input and 230 v 3 phase output, which most of these lathes require. Enough of these lathes are around you might be able to sell the original vari-speed parts to cover some of the inverter costs. The L00 chuck has a MT4.5 (four and one half!) taper, so be aware of that if setting it up for 5C collets. Clausing (Royal also) sells the adapter and some Chinese/Taiwan lathes also did this (my 10 x 24 TIDA for instance). Look at the oil levels in the spindle and apron, as there are sight windows on both. It is also easy to remove the spindle cover for a look inside.Chuck up a piece of 1" or larger by 10" aluminum rod and take some light cuts to true it over the exposed length. (w/o tailstock center) Mike the diameter every inch. If the diameters group tight enough for your use, go for it. Usually most of the bed wear is in the first 3 or 4 inches of carriage travel. If you are really ambitious, the lathe can be stripped down and the bed reground (it is hardened) for $500+/- if you can find a shop with a big enough surface grinder.
If it is in really good shape, don't be afraid to pay up to the cost of a new Chinese 12 x 36 ($3000+). My 13 x 40 gear head JET cost me $4000 and I would give it up any day for a 5914 in great shape.