jrkeat wrote:So I shouldn't have trouble running the original motors, as long as I don't mind the original slower speed?
Yes. Which sounds like it might be easier if you don't have a way to make adapter plates.
As far as the computer is concerened, what are the constraints? For example, could I use on of my laptops and just buy a pair of USB-> DB25 parallel adapters?.
The main constraint is, no USB. It has too high a latency (and the USB-parallel convertors don't give a proper parallal port, they are only useful for printers as the pins are not (typically) individually addressable
I would look at fitting a mini-ITX board inside the existing case. The Intel BOXD425MW is very cheap and known to work well with LinuxCNC. It has one onboard parallel port. You would need to count pins carefully to see if that is enough.
One possible upgrade would be to add a Mesa 5i25 and the 7i76 board (for more IO, much faster step rates and built-in VFD control.)
If it was my lathe, and because I have some nice little NEMA23 brushless servos, I would be looking at a D525MW, 5i23 and 7i39 combination.