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This stuff has some entertainment value. And may make sense for some guy in India trying to get his business running, no access to a slideway grinder and no money for it if he did. His objective may be to take something that is a complete pig and make it somewhat usable for rough work. Because that imo is what you are going end up with.
Applicability here? For us, or at least for me, the enormous amount of time a reconditioning takes (don't forget, after the bed grind, you have to scrape everything into alignment on the new bed) only makes sense when it's some best of breed lathe taken to factory new condition. Wouldn't be worth it to go from completely sucks to kinda sucks. No right and wrong, just the importance of fully understanding what effort it will take and what the results will be.
Flat and straight is expensive. If you want to guide a sled you need three surfaces to constrain it. You can't work off the existing bed, its worn and not long enough. Acquiring three 5' + surfaces to do say a 10ee that are rigid, accurate and long enough (e.g. like 60" camel backs) would cost several times what a bed grind would. Plus the time and precision grinding spindle. Kind of like making your own slideway grinder - to the level of accuracy required, that would seem to be in the "good luck" category, imo.
I've done three lathe beds. While not difficult, its not trivial and even the metrology and references needed to get one surface flat (let along three to guide a sled) is not cheap or easy to come by. For a hardened bed, no brainer imo, they go to a qualified grinder like Rauce did (where is Rauce these days?). The late Harry Beckley, a brilliant practitioner at this stuff, scraped a hardened 10ee bed (great account of at on PM) but frankly I don't know how he did it. Even with a perfectly lapped carbide blade its hard to get it to bite. It can be done, Harry proved it, so can originating flatness from three plates .....but I'm not doing it
What I do find interesting is this idea of spot grinding - i.e. for hardened ways using a die grinder instead of a scraper. It won't work imo unless the DOC can be carefully controlled (and kept to a tenth or less for finish work) but I'm thinking that isn't impossible if you can control rpm and obviously grit size. Its still the same method as scraping, comparing to reference and building up the geometry one surface at a time. This approach, and figuring out the DOC control might hold lots of promise for hardened beds.
Just some thoughts on it.