I have a opportunity to buy a used G1550 lathe from my grandfather's estate. I wasn't really planning on getting a lathe just yet, but I do want to keep a lot of his tools in the family, if it makes sense. Anyway, he was using it in his small basement wood shop so, I'm pretty sure he was using it for wood (even though Grizzly calls it a metal lathe). Any thoughts on anything I should check, whether or not it makes sense for a wood shop and an idea of a fair value? Any help is appreciated.