Jerry,
I guess you state as fact two premises that I do not accept on faith: that it takes less time to become facile with a Sherline than it does to with a WW lathe; and that holes drilled by hand are not as accurate as those drilled with a Sherline. No matter how forcefully one states a hypothesis, they are only assumptions unlessl they are tested.
Both premises are subject to test. As Sam and and I (and Wostep) have shown, those with absolutley no machining background can become proficient in the WW lathe in a very short period of time. When I teach, I am not concerned about how small a hole I can drill, I want to prove to the student that they can do it as well. My premise in restoration is that if someone else did it 100 years ago, you can do it too. There ain't no magic; just knowledge.
I also outlined how one could measure the hypothesized taper and concentricity of small holes drilled by hand vs. those drilled buy tailstock in various machines. Given the experience of those who came before me (including W. O. Smith, Marvin Whitney, Roy Hovey, etc) and myself, I know the experience is that holes drilled by hand are within the tolerance required to secure drivng fits. It is easy enough to disprove this by direct measurement. Certainly, if you wanted to test this when we are at the school sometime, I would be willing to assist you. But I am not motivated to verify this for myself since my everyday experience suggests there is no problem.
I am not clear why you seem to say a 4th pinon can only be repivoted with "modern equipment". This is and has been an everyday job for watchmakers using a ww lathes for the last century, If you can drill 2/10 mm hole into the face of an arbor, you can repivot anything. This thread started out by informing readers that trying to use a collet holding device may not be the best way to do it and the experienced watchmakers have known this for years (hence the "new" condition of many collet holding tailstocks).
This is not to say it cannot be done in "Modern equipment" (in quotes because I consider a new Steiner or Vectra modern), but simply to say that such equipment is not a requirement at all. Neither is it to imply that any old clapped out WW lathe/collet will do either.
The only thing that makes those who mastered WW lathes different from those who are just starting out is knowledge and experience. We don't have an extra finger or 5/20 vision. This is the no different than those who mastered the Sherline vs. those who just purchased one. And the NAWCC School offers instruction in both Sherline use and WW lathe use.
I think there is a place in the world for Sherline, Taig, WW and 8 inch lathes, vertical mills, horizontal mills, milling attachments, etc. The issue is for each machinist to find that place. Given that a watchmaker spends most of his life with work that is smaller than 3 mm and doing graver work, the traditional WW lathe is likely his/her best choice for his first machine. For a clockmaker, a Sherline may well be a best choice for his first machine.
This a good discussion for those reading this thread. I hope it helps them to sort out their options. The only outcome of importance is dimensional accuracy and finish and that there are a myriad of ways to acheive that outcome. HOW it is accomplished is a function of personal preference, and equipment at hand. (Ask Roger about my class's use of the Sherline for dead center turning of 1/2 inch brass; I have few "loyalties" when it comes to machines and can be quite promiscuous). As far as I can figure, once you START with a piece of euipment, you then start to figure out what you need to do more. It is the choice of that first lathe that seems to be the source of the inertia and I simply suggest that a good way to guide that choice is the user's inclinations as to what kind of work he/she would like to take on. Balance staffs, the WW. Replacement parts for clocks, Sherline. WW is too light for the latter, Sherline too "clunky" for the former. But that is only my opinion, it is not offered as a statement of fact. As with all opinions and articles of faith, each person must verify for themselves.