If you do not have a copy, get "The Amateur's Lathe" by L H Sparey, and Tubal Cain's "Model Engineer's Handbook"
Ian Bradley's "The Amateur's Workshop" also contains a lot of useful information, as, obviously does the "Myford Series 7 Manual" by the same author..
Reading these will clarify a lot of points, of useage, and may allow you to avoid making costly mistakes, and make better use of the machine, for greater enjoyment and satisfaction.
I was a Myford ML7 owner, and am in awe of the work that has been turned out on them. It is not a perfect machine, (There is no perfect machine tool. Horses for courses ) But used correctly it is a most capable machine.
I was going to say "Within its limitations" but superb work work has been produced by working outside the limitations of its size.
Enjoy yourself
Howard