Welcome!
You will find lots of advice and help on here.
Definitely a MF74 (cast into your gear cover, and visible in the pictures on the Lathes UK website )
Unlikely to be able to source a new Spindle, for a lathe of that age, so your options seem to be:
1 ) Hard chrome and regrind back to size. (Being of 1940s vintage, sizes and threads are almost certain to,be Imperial.
2 ) Weld and grind back to original size.
3 ) Grind the shaft to clean up and have new bushes made to the new size.
4 ) Have new spindle made
1 ) would be my preference, since it keeps everything standard sizes, and does not involve heat and possible distortion, or changes to the characteristics of the metal. 3 ) would make it like an old London bus, all manner of non standard sizes.
Bed wear sounds like LOTS of scraping to bring the unworn areas down to that of the worn. This may then bring the problem that the Tailstock centre is minutely lower than the Headstock centre. But possibly shims in the right place may solve that.
As Hopper says, you could be about to embark on a new and unexpected lifestyle!
If you can get the machine running again to an acceptable standard, you will have a huge sense of achievement, gained a lot of good experience, and a quite capable machine. It will not happen in a short time, you will need cash, time and lots of patience (Not a feature that I possess )
One suggestion, for later on. Once the lathe is operable again, it might be worth making up and adaptor, with a Thread and register to match the Mandrel, and with an external register and thread (1.125" x 12 tpi and 1.250" register to take the "standard" Myford chucks and Faceplates.
Don't forget to make it with two flats for a spanner, to aid removal!
Chucks, 3 and 4 jaw, as well as Backplates, are available in Myford fitting. You are likely to need a 4 jaw independant chuck eventually.
This might be easier than having to make up your own backplate to match the thread and register on the mandrel.
Pure guesswork, but possibly 7/8" x 12 tpi?
Please keep us posted as to your progress.
Howard