The bottom of the totem pole on new lathes would probably be Harbor Freight. They have a couple models that are worse than the Boice Crane and they have a couple models that are better. And, the best part is that they cost less than that pile of rust, work better, you won't need to start a new hobby of restoring old machinery, and you will have a new machine warranty to boot.
Sure you can put lipstick on a pig. To make a serviceable bowl turning lathe out of the Boice Crane pig, you can count on spending at least another $300 to get the Morse taper sockets re-bored and then you will come to the unhappy realization that the spindle and tailstock points won't line up. Add the cost of a countershaft, pulleys, pillow blocks and other miscellaneous hardware to get the speed down to something reasonable for bowl turning. After all is said and done, you will have a lightweight lathe that is suitble for spindle turning, but too lightweight for anything other than small bowls. In the end, you will have nickel and dime'd yourself into spending more than the cost of a new Jet mini for sure and maybe even a Jet midi ... and will have lathe that you can sell on Craig's list for may $150 ... if you'll deliver it and give the buyer at least $150 worth of accessories.
I've known several woodturners who went for the "cheap" route with a bargain found on eBay or Craig's list. To a person, they have all said that they wish that they knew then what they know now.