My Logan Clunker

If I were to convert my old 12 x 36 Logan to CNC, is it reasonable to
expect that the system could correct for the machine's worn ways?

Presumably the system 1) would know the carriage position along the
long axis and 2) could be given a map of the way wear. While the
machine ran, a demon in the cross slide could be checking 1) and 2)
and making little in and out adjustments to correct for the wear.
Maybe this could be relatively transparent to the user, and maybe the
Logan could turn out a cylinder again?

If this is a standard feature in CNC lathe systems, pls excuse the
bandwidth--I did check the archives.

Thanks in advance.

--Jack