Torontobuilder, I live in Richmond Hill and have gone through similar degrees of navel gazing. However the main issue seems to be price.
1. Busy Bee has the Craftex CX700 10x22 at C$1799 and it comes with lots of accessories including a 4 jaw chuck.
2. A bare used ML7 should go for about $1,000 in today’s market.
3. Accessories for the ML7 are readily available but only from the UK. That is not really a problem other than their initial price, freight, duty and tax. There are lots of manic Myford users in the UK that keep the brand alive. This machine is quite capable but has a cult following that tends to obscure clear thinking, however it also helps to spawn a huge amount of support within user groups, accessory manufacturers and accessory designs (ie. Plans for many things are available on the web for you to build).
4. As a Scot, I suggest that English quality is vastly over-rated. The ML7 was built post WW2 with pre war design philosophy – heavy iron castings and the ability to adjust/fettle everything in sight. This can be a source of pure joy or pure frustration depending upon your approach to life.
5. The ML7 is a useful size – 7x20 with a 10” swing over the gap if you have a slim 4 jaw chuck or plate. It has the very useful characteristic of being simple in its construction. You can pull everything apart, clean it, adjust it, and put it together again. The Craftex products are much more difficult especially the power train.
6. I have gone through a Sieg C2 7x12, an SB9, and now the ML7. The C2 was way too small for my hands and was a pain to keep adjusted. The SB9 was big, basic, unexciting American. The ML7 is like my old MG – lots of fun but not to be stressed too much.
7. If I have another lathe, it will be something larger and heavier – in Canada the Standard-Modern is readily available, or the Logan.
8. Everything depends upon what your expected use is for the lathe. To me, the Craftex is like a new toy and not a production machine. However the ML7 is like a very old production machine for a small workshop. Either will produce parts for small engine models. Neither will work for long production runs.
9. To return to the original questions: Firstly, Yes Myford parts are readily available (but from the UK). Secondly, a ML7 at a CX700 price is grossly overpriced.