The advantage of the Homesteader is that, if you find you like machine quilting on a frame, it should last you quite awhile before you would want to upgrade. The disadvantage is that Homesteader is not a well-known brand, so selling this setup could be more difficult. A lot depends on the price. If it is in working order with a stitch regulator and frame and price is under $1,000, then I would consider that a great opportunity for an entry-level longarm setup.
It does not have stitch regulator, but speed control and yes, it would be under $1000---but I would probably need to get a different frame, or use the handmade frame that it comes with.