Before you junk everything there is a lot you need to hang on to if it is in good shape as some of the requirements are the same whatever system you use, for e.g. contactors, fuse blocks, transformers, power supplies, disconnects, relay I/O boards, these can add up for a lathe of that size if you replace it all.
The servo's were DC as well as the spindle motor usually.
Depending on how much maintenance it got in its life time, you will probably need to flush the lube system and pump, and replace all the end of lube-line meter fittings.
If you keep the motors, it may be a challenge to come up with suitably large drives as typically these were around 2hp servo's.
Did you get the documentation also? It helps to have the existing schematics.
Good Luck.
Al.
.
CNC, Mechatronics Integration and Custom Machine Design
“Logic will get you from A to B. Imagination will take you everywhere.”
Albert E.