If it is of any interest, I have been usinga generic Taiwanese lathe (Chester Craftsman, or Warco BH600, Engineers ToolRoom BL12 -24 – both the latter now discontinued) since 2003.
It is a lot heavier and more rigid than the ML7, with a 2MT spindle, that preceded it.
I have swung a 24″ lengths of 1″ bar in it without problems, (A 6 ” 3 jaw, or a 8″ 4 jaw chuck, are quite hefty items) so have to disagree with one naysayer.
The largest job? Facing a 1″ thick cast iron disc, 6.125″ diameter, and then offset in the 4 jaw to bore a 1″ hole an inch in from the edge.
(With them curled around the shop, I have twice, carefully, turned fittings on the hose for pressure washers, to restore them to working order.)
Snallest job, thinning the heads of 10BA screws!
In my book, a very useful size of spindle bore (5MT, although mostly I use tooling no larger than 3MT) and as Jason says, no collection of short ends to go to waste.
The spindle bore suggests that such a lathe is not small, by model engineering standards, verging on small industrial, aznd will be heavy and quite rigid. Mine weighs in at 300 Kg.
You can do small work in a big ;athe, but the reverse can be difficult.
FWIW, Go for it!
Howard