It's always amazing to me to see how well designed these old machines are that they withstand the ravages of time and use. I doubt you would see very little difference in a new machine bought today along those lines. Of course, getting into CNC is another breed of cat, but even that is simply a souped up version of what you see here.
I once read a story about American POWs in Japan that made a hand held fully working miniature metal lathe while in camp. That required some dedication and patience given the limited resources they would have had.
Ferrules... Plane parts.. Screws, etc. Who knows what else. At this point it's just something to play with.
My oldest son collects.. of all things...Ping golf putters. He has expressed a desire to make his own so I'm thinking a mill is in our future. With both those machines he'll be in business. I told him he could have a corner in the shop.