It does ensure that there are no blockages, that the Lathe is running with lubrication from the start and that the wick is saturated with oil. If it was put in dry then it will take a while to soak through. Pumping oil in under pressure ensures everything is flooded from the start.
If You think about it it's quite a good system using a wick. In the same way as Loco and Traction Engine lubricators utilising worsted trimmings it ensures that no foreign particles arrive at the bearing unlike Drip feeds which can pass all kinds of contamination.
regards Martin