How long has it been sitting? Why wan't it used? If you get the 20% coupon for HF you can get another for not much more. Warranties are only for 90 days, if I recall. I would take someone who is familiar with lathes to take a close look at it. Plus, you want to hear/see it run.
Caution: I had one of the HF lathes and the Reeves drive stuck. AS a result, I'm not a fan of the Reeves drive which is a moveable pulley that changes the drive ratios. Ended up scrapping it and buying a Rikon, which has a five year warranty.
A diamond is how coal reacts under pressure.