Twister is long out of business so they won't be able to check it out or replace any parts. Lathes usually don't have any problems unless they are used a ton and never cleaned. IF when you move the bit left to right and it feels gritty that's not good. Getting dirt or cuttings in the gimbles would be a problem. IF the blocks don't show wear from the armature then they should be good. The cutting bit if it's carbide should be sharpened or replaced probably every 10-20 cuts. If you have a micrometer make sure everything is straight with relation to the blocks, base, and gimbles.
I heard from a good source that Chris Dosick (sp) has a business where he lazar aligns our mini lathes. I like to have it done to my Hudy. Maybe between the two of us we can get a line on how to get in touch with him.