There is a demand for old machinery like this although dare I say it may be limited. My four lathes would fall into the same category as yours, often described as "old iron". Mine are somewhat bigger than yours and transport was a problem (for two this had to be specially arranged with a private haulier) They often do lack the "conveniences" of modern lathes but they will do just the same work and just as well if well restored and looked after. It is most definitely not scrap!
I would agree that a website appealing to those in the likely field would be best, as has been said above. Failing that, ebay it perhaps with a buy it now price based around items of similar type, age condition etc that have sold in the past. If no one wants it, lower it over time or invite them to make an offer but don't be too hasty as the right person may take time to show up. Remember you can list it in several places at once, as long as you state this and it may be withdrawn at any time if you get an offer elsewhere.
The fact you have a good set of tooling is all the better as so many machines of this age often have been under looked after, badly corroded or be missing many bits, all of which will put people off. If he is someone with an enthusiasm for these old ladies, then they most likely wouldn't be too put off by having to take it apart at the time of collection, or they will bring their own means of loading.
Your lathe had a good name in its day and is far from unknown now, Henry Milnes built a good reputation in Bradford that has not yet died with this type. Check **LINK**for more information and it may help you with further identification.
Best wishes in finding a home for it.
Edited By Ralph H on 16/08/2015 22:04:21