Those Rockwell 11" lathes are decent smaller machines and can work well for barrel work. I've looked a few over and even had a parts machine that was toasted, literally. These are not in the same league as the 10" rockwell which in MHO are not that great of machines, change gear system on those are complete garbage. These are a much heavier built (over the 10"). The ways look to be in OK shape, can't recall if they are hardened or not, but I don't believe so. The lead screw look decent and you most likely have worn half nuts, which if he was doing barrels is most likely the case. They can sometimes be found used or even new on ebay. There are also a few guys out there that will rebuild them for you.
One neat feature on these lathes is the locking dials, if they don't work properly take them apart and clean them up, they work really well and are easy to use. Has an L-00 spindle which is nice. It has a 1-3/8" bore. Should take 5C collets. Might need an adapter if it didn't come with one which can be spendy. Looks like it had a follower at one time, and if they guy was a gunsmith, most likely had a steady at one time too. Those are harder to find for these machines, so making one might be your best bet.
VFD wiring is not very hard. can't recall what you said HP was, but you can get VFD's that run up to 1HP 3 phase off 110V or if you need to go to 2HP, you'll need to run off 220V. It takes longer to mount the VFD than to wire it. 3 lines in 3 out for the basic wiring. You can then add several more smaller 12V wires for remote controls if desired. Yours appears to be a variable drive model, so you would just need to turn the motor on/off with the VFD, nothing more. Use the VFD for the motor, and run the original variable drive for the speed control.
It's been repainted at least once for sure. As long as everything else is fairly tight and not loose to beat heck, it should be a useable machine especially for your first lathe. Clean it up, use it, fix the couple small issues and learn on it. Once you decide you want something "nicer" you'll have a better understanding of what you like, dislike, and what you want in your next machine. I believe this machine was more expensive than the other more common lathes such as South Bend and Logan, so they didn't get purchased as much and therefor you don't see as many become available for sale.
Depending on price, you may have gotten a good deal. I've seen similar ones like this go in the 1,500+ range. As long as you didn't pay a ton for it, you should be able to at least get your money back out of it. This size machine is very popular for home shop guys.