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As long as you take it slow, it should work out. My uncle borrowed a mini lathe/drill combo thing from a friend. It worked fine as long as you didn't take a big cut. Anything cut close to what a large lathe would take would cause chatter.
Ha ha ha, how did I know you post pics of your shop Adam? Ya pretty proud of what ya's have got aren't ya?? Guess I would be too! Old iron would be good iron, but unfortunately I wouldn't have a clue how it works or to fix it so you are very lucky in that respect Adam.. Not only that in OZ I haven't seen too many old quality American machines. I'd love to have a shop full of those sorts of machines!!