John,
I have a Benchmaster Vertical mill, as do a couple of the other members here.
The Lever operated rack and pinon feed on the table indicates it wsa a "production" mill. Companies could buy a bunch of mills, set each one up for a single operation, and after dropping the part in the fixture, the operator would just have to move the lever back and forth to machine the part. Benchmasters were pretty cheap, so you could set up a production line of several mills, each set up to perform a single step on a part, and the operators would pass the part down the line after doing their operation on the part.
If it were me, and the mill was in good shape, I would certainly buy it. The manuals, parts diagrams, etc. are readily available on line. They are easy to rebuild. The original spec spindle bearings are still available from Timken etc.
Tooling is easy to find, Uses 2mt collets and endmill holders.
Jim