Geez, look at all the hoary old chestnuts coming out of the woodwork (not to mention the mixed metaphors!)
Yes Dewhurst switches can get wear on the contacts after about 50 years of being used to switch the lathe on and off instead of using a separate push button stop/start switch as seen the above pic. But like everything else on the lathe, the Dewhurst switch is infinitely rebuildable. Info on that here https://misterlinnsworkshop.wordpress.com/2014/03/08/dewhursts-big-switch/
Non-leaking oil guns to use on the Myford oil nipples are available from Wanner (expensive!!) and more reasonably from Pressparts.co.uk or you can just do what I did for many years and use an oil can with a pointy brass nozzle on the end of the spout. You just push it into the hole in the nipple and squirt.
In all my years (almost 60) of using Drummond, Myford and Hercus (Southbend clone) lathes with screw-on chucks, I have never had one stuck. But I do keep a lick of anti-seize on the threads and keep the threads clean. If you do get a tight one, I think the S7 has a spindle lock that should be used while undoing the chuck with a length of wood through the chuck jaws as a lever. DO NOT use the back gear to lock the spindle to undo a stuck chuck, unless you want to pay for two new gears when the tooth under load breaks off.
It is fine to run the Myford in reverse on the return run (only) when cutting metric threads. I do it all the time. RPM is low and there is no cutting force on the return so the chuck does not unscrew itself. But, as SOD says, do not attempt screwcutting away from the chuck with the spindle running in reverse as seen at YouTube university (Joe Pye etc). You might get away with it, but not for long. One way around it might be to use a tailstock centre to prevent the chuck unscrewing and moving the job to the right, but might put unnecessary stress on the tailstock etc.
Other than that, the lathe in your pic sure looks nice. As Jason says, if the mechanics are as nice as the fresh paintjob, it will be good. But you would need to inspect and preferably measure the bed for wear to really tell.
Generally it looks pretty good. Handwheels and levers don’t show signs of massive wear, if they are the originals. It looks like the stop/start switch is a new addition, which is a good thing to have, as mentioned.
It does look like the lathe is freshly painted and the handwheels as noted look pristine, but unable to tell if they are originals or new ‘uns. Well worn examples start to lose the nickel/chrome plating around the rim and handle where acid sweat from hands etch into them, combined with friction. But the stand looks like it has not been painted. I would ask the seller what is the story there.
Another telltale sign of high mileage on these lathes is look at the condition of the V-belt pulleys on the lathe spindle and countershaft. They are made of Mazak, a softish aluminium/zinc diecast alloy. If the lathe has had a lot of use, the V belt wears the sides of the V grooves in the pulley, leaving a noticeable step where the bottom of the belt sits, about 3/4 of the way down the groove. If there is a millimetre or more step there, the lathe has done a lot of work over the years. You can buy new pulleys, but if the bed has a commensurate amount of wear on it, you could be up for an expensive regrind job.
It looks like the lathe in the pic has the long cross slide with rear toolpost, very nice to have.
Does it have the four jaw chuck and faceplate with it? These are pretty much essential items and not cheap to buy as extras. Plus a fixed steady is almost mandatory on a Myford. Because of the small hole down the middle of the lathe spindle, the fixed steady receives regular use when turning longer jobs of over about 1/2″ diameter that can not be shoved up the centre of the spindle as on larger or newer lathes.
Let us know how you get on with it and don’t hesitate to ask any questions you have. Plenty of us Myford know-it-alls on here!