So did your uncle actually torque his own head bolts or just tell you that? Because I've noticed the guys giving that advice never seem to be the ones holding the wrench when it snaps. How many pounds did the manual call for on those bolts anyway?

The claim that "new ones cut too fast and leave chatter marks" sounds like a sales pitch to me. A newer lathe doesn't have to run fast, the operator controls the speed, so blaming the machine for chatter is odd. I also doubt the part about him checking with a mic every pass like it's some lost art, that's just normal brake work. The part about him feeding by feel is the only believable bit, sure, but it's not magic, anyone turning rotors for a living learns that. Sounds more like a guy who likes his old machine and a good story than some big lesson about slow being better.