Those are wonderful lathes, if you have the 220v electrical power for it. I have two of the 110v 1642s (well, just gave one away) and they both were excellent - easily turned long spindles and nearly 16" bowls inboard. Sliding head is nice, electronic variable speed with two belt position speed ranges to trade off between speed and torque.
I did eventually get a PM3520b but the 1642, even the 110v version, would do nearly anything I wanted.
One thing on theses lathes - when changing speeds ranges or setting the belt tension, don't press down on the lever. Jet says to just loosen the lever and the weight of the motor will provide the proper tension. Some with heavy hands have prematurely worn out spindle bearings.
I'd see that the quill on the tailstock operated smoothly, the banjo worked well, the bed was not abused, the motor and speed control and reverse switched all worked. These lathes all have 3-phase motors with electronic control from the VFD to provide the variable speed, accel/decel, reverse, etc from the single phase power. I'd check the threads on the headstock spindle of that or any used lathe - some people abuse them. And as mentioned, don't worry about the headstock/tailstock alignment - that is easily adjusted once the lathe is in place in your shop. Both headstock and tailstock should slide easily. I'd be wary if it was covered with rust or pitting from rust that was removed. I don't worry about the paint - I think the Rustoleum Biscult color epoxy spray paint is a reasonable match for the color.
The lathe should come a faceplate, a cast iron tool rest, a knockout bar, drive center, live center (oneway clone), a threaded pin for indexing (mostly not useful), four adjustable feet. They originally came with a basket and a guard cage but everyone removes those and usually throws them away. There are brackets on the legs to hold 2x lumber if you want to make a shelf for stuff or weight - I put big plastic tubs below to catch most of the chips.
If they don't have the manual it's available online.
I used the 110v versions for a lot of teaching:

JKJ