I have no idea what kind of paint is on the lathe- it's as it was delivered to me, over a decade ago. Though it has been repainted- when I took the splash trays off, it was a different color underneath, and the bolt heads, etc. were covered in paint.
Several people have been suggesting better paint, and that made me think of garage paint.
The local Big Box store has some two part epoxy floor paint meant for shops and such, and I know several people that have used it in garages and basements and the like. Everyone seems to like it, and it appears to be holding up well- and it's supposed to be solvent resistant.