i'd say that old press has had it, and is totally useless
So much so that I think you should call me and I'll come haul it away for you.... for free!
That is a great machine! With just a little clean up and adjustment, that baby will probably last you for the rest of your life! Looking at the pictures, I don't think you need to have the bed and/or roller machined. It looks like there is a little rust and a lot of dirt. I've seen machines that were ten times as bad that cleaned up perfectly.
If it were mine I'd very carefully clean it up..... it'll be a messy job..... and then reassemble it. Then I'd adjust the rollers to zero, and see if the roller makes contact with the bed across it's surface. If it does, or only shows small gaps or pits, then it'll print fine without doing any machining. The proper blankets / packing will render small imperfections irrelevant. I should know: my own old Vandercook is far from perfect and it prints wonderfully.
A few notes:
1- when cleaning, it is better to leave it a little rusty / dark than it is to go crazy and create flat spots. Remember to remove the rust and dirt, not any good metal..... so don't use sandpaper or any sort of abrasive or power tools. Even a wire wheel on a drill will remove too much metal. Instead first use a good de-greaser and maybe a hard plastic scaper or steel wool to remove any crud, and then a good rust remover like Naval Jelly. If you can get one, a power washer will be a big help..... just use it with soap and water (no chemicals) and be sure to oil all of the bearings as soon as possible.
2- in my view, it is better to not disassemble an old press unless you absolutely have to. If you take it apart, you run the risk of stripping threads, and breaking cast parts that cannot be replaced. Sure, it's ok to take small parts off or remove the bed.... but leave the rollers and major parts in place if at all possible. You'll thank me later.
3- wear old clothes, and enjoy your work. What you are doing is not "fixing up and old machine".... it is breathing new life into a work of art.
I envy you on your terrific good fortune. Please remember to keep us all informed as to your progress.