Looks like a nice project. The first thing that poped in my feeble mind when you said you were going to name it was Turnasaurus Rex! Big, old, and pretty cool!
As someone who has a "Hoover" label on his dust collector, I think "The Maytag" would be an appropriate name for your lathe. (I could even make you a magnetic nameplate.) I'll bet your granddad would be happy to see your work.
Jeff, I printed the logo on Avery stick-back label paper, then stuck it onto a piece of magnetic sign material. (I bought the sign material to help close up the gaps in the back of my contractor saw to improve the dust collection. I used a piece of scrap that was left over.)
Technically, it might be a copyright infringement, but realistically, you're doing no harm by copying it for your personal use. If you were selling things and putting the logo on them, then it'd be a different story.