Horses for courses. I have two ML7s. One has been in the family since new in
1965. The other dates from 1951 and was as you describe when I got it. I also have a Hardinge HLV, a Jones&Shipman 1400, a Mk 2 BCA, a Beaver VBRP and a few other odds and sods, all of which are as you describe. Thing is. I don't charge my time in the shed at the same rate that I charge it at work and in another couple of years time I'll have a light machine shop that would have cost me more than the value of my house to buy new and will put most toolrooms to shame for the accuracy of the equipment therein.If you want to make money from a machine tool you will depreciate it over 20 years at the most and would be unhappy if you couldn't recover its value in three years and would buy in maintenance rather than reduce your earning power by learning how to do it yourself.
If you are actually intending to get some enjoyment out of the tools without the involvement of an accountant, you may find that scraping the worn surfaces on a milling machine or rebuilding a lathe apron from the castings up, is extremely satisfying and involves skills that you just won't, ever, develop as a minder for a brand new machine.
You seem to be coming at the whole subject from the money making frame of mind. Others are willing to spend a couple of decades making a model and won't resent investing a few years out of that on the equipment needed to do the job.
Keep us posted on your progress.
Mark Rand RTFM