Thanks for the replies.
For starters, I do have manuals (electrical diagrams as well), the controller is an OSP 2200 . Pictures I'll take some tommorrow and post tommorow night. I have a complete control set, but some of the connectors at the cards has been pulled out (the pins), I can't find any pin out diagram to check if everything is OK. With my multimeter I can't really trace sensible connections to the panel. But with the exception of MDI everything als seems to be OK.
Numerous people said if I do get problems with any of the cards, I will have trouble. So, I thought a modern PC will probably cope better than a 70's odd control with the huge 16K memory!
For the two servo motors, the Z axes runs a 1.5 Kw ad the X axes a 750 W motor.
The lathe is an excellent condition (except paint), there is absolutely no play on any of the leadscrews and she is very solid. I could not find indication anywhere of wear on any component.
For the drives, I saw this link on CNCZONE alot of potensial http://www.cnczone.com/forums/showthread.php?t=14217&highlight=servo+drive+circuit
Think is that I do need this lathe in operation, and by money saved by using Mach3, I can rather spent on really good encoders and a nice panel, maybe.
I'm also on a very tight budget.
Will post you guys the pics tommorrow.