For home use 2 to 3hp should be quite OK, it starts to get expensive on tooling if you are using 5hp to its full potential, in your own workshop you have a bit of time, and you don't want to annoy the neighbours with too much noise. Might be 50yrs+, but so are a lot of lesser machines. One of our local engineers, after he set up his own business, bought the DSG lathe he learned on as an apprenice in the early 1950s, Its a wee bit bigger than yours, about 8ft overall, and runs 10hp, the only thing is, they tried Tungsen tooling, and found it a no go, the machine is no where near fast enough, or ridgid enough, that machine is over 70yrs old. Ian S C