If the ways are good, and that bronze bearing spindle set up correctly, that machine will do good work, at the 'hobbyist' level. Its a surprisingly powerful machine for its size, and will rough out steel parts in surprisingly good time.
That said, the early geared head machines do have somewhat of an inherent problem with 'gear marks' from the gearing resonances, in the finish of their workpieces. Much of this can be minimised by adjusting speed, feed, and tool grind to suit the job.
If the original motor and drive is not present, and the machine has been re-powered, check the clutch shaft speed carefully. If the tag for 'X' rpm at the clutch shaft is missing, arrange the drive from the motor for a spindle top speed of 350 to 400.
Straight-cut geared head lathes of that era run best at slower speeds, to minimise resonances in the gear train. (remember, that machine was not designed for use with Carboloy tools)
If you do have a problem with finish quality, remember that you can get, and use, one of the old style Sunnen 'external hone' setups, which will bring your workpieces to an accurate roundness, exact dimension, and high finish.
cheers
Carla