Well...there is a question!
I built most of my launch engine with a 10" Atlas. A late 1940's vintage with tooling. I sold it well tooled 3 years ago for $750. new 3 jaw excellent 4 jaw QCTP and holders, heavy face plate, drive plate 3 sets of centers, wrenches, spotting tool post, steady rest, follower rest , drill chuck and factory wrenchs on factory stand. Even leveled it and demo'd it to the buyer!
She was a good lathe but just a bit too small. Trading up cost me. In the end it was worth trading up.
Just Wished I went with the big lathe first though. So looking at a 12" lathe makes sense to me.
$1250 seems high with the tooling offered, but I can't tell you the worth of a lathe in your part of the states. The lathe is worth what people are willing to pay for them I am sorry to say.
OK it has the Timken bearing head...a plus! How are the ways? Lightly tighten the carriage clamp with the carriage in front of the chuck and roll the carriage back towards the tailstock. If there is wear, it will show. A little is fine... a lot is not!
Quick change gear box! that is a definite plus...my 10" was change gear.
Observe the ways....are they worn significantly where the carriage rides? It will be very obvious if they are.
Check the tailstock taper for gauling. This happens a lot on MT2 sockets that get pushed too hard. Again a small amount is correctable...beyond that it gets dicey.
Backlash on the cross slide? .010 or more like .040"?
Check the leadscrew threads to see if they are thin near the chuck....compare to the threads near the tailstock that don't get used.
How many times has the compound been driven into the moving chuck? The scars will tell the tale.
Does it come with a bench?.....something else to build otherwise.
Just my thoughts.....worth exactly what you payed for them.....Good luck!
Regards,
Dave