If the motors both work and you have all the gears etc. you got a super deal. Those early machines had a MT 3 mill spindle. There was a conversion kit available for R-8, so maybe check in with JT to see if the unit was ever upgraded. The same 4 jaw that Shoptask sells will fit the older machines too.
Looks like with some imagination and elbow grease, you could get a nice shop set up for under 1000.00.