Hello James and Welcome!.
If you are not familiar with a lathe and machining, my advice would be to delay starting work on the 47XX kit., for a long time.
What follows is intended to help, nio to be condescending, so Sorry if teaching granny to suck eggs.
You have done the right thing to find and join a local Model Engineering Society.
There you will find like minded and experienced people who can give face to face advice and help. Possibly even practical help in the form of tuition and / or demonstration. members will be able to help you choose a lathe.
Where are you located?
Be wary of the shiny "Refurbished" machines, Sometimes the best part is the shiny paint on a badly worn machine or one that has been assembled, not too well or accurately, from All Spare Parts!or.
This is where you need advice from the more experienced.
£400 is either going to buy you a secondhand mini lathe or something a lot older..
Whatever you buy, learn how to use it before cutting metal from your kit.
One of the first things to learn, is to use both hands to provide a slow steady feed, either along the bed for sliding, or across for facing.
Next, you will learn that if you put on a cut of 0.010", the diameter will reduce by 0.020" The lathe will take metal, off the far side when it comes round to the tool!
I learned these things within the first day or so of trying to operate a lathe. Fortunately, I had a very experienced instructors in the Trade School
Be careful! The machine may have only a 1/2 hp motor, but it is stronger than you and can injure you, so keep hands and fingers away from rotating chucks, or drills. If it cuts metal, it will most easily cut flesh and bone!
If you have had a pistol drill "grab" you will already know what I mean!
On a small and particularly an old machine, it will not be suitable for getting the best from carbide tooling. For this carbide needs to run fast, and plain bearings, with drip feed lubrication, in older machines, are not suitable for the speeds required..
So you need High Speed Steel tooling. To keep such material sharp, you need to learn how to grind tools.
Most certainly, you will need to learn how to cope with backlash.
Hopefully, your internet reading will taught you that the tool needs to be mounted at the centre height of the lathe spindle if it to cut properly. So now you are in for a grinder, to come out of your budget.
A good learning exercise is to make yourself a Centre Height Gauge. By making bit, you will become familiar with the machine, and what it can do. You will soon learn that an off centre tool does not cut properly, and leaves a pip in the centre of the job when you face the end.
Make your mistakes on a bit of mild steel rather than on an expensive casting!
Also, you will need measuring equipment. Probably the cheapest that you will get will be a Digital Calliper from somewhere like LIDL or ALDI.
If you are lucky, you might be able to find a secondhand Dial Calliper, or a Vernier Calliper. Something else to learn, how to read a Vernier (Buy a small magnifier, it will help )
Are you going to work in Imperial units? Most likely with an older machine. A more recent mini lathe may be graduated in Metric units, but some are Imperial.
A secondhand lathe might need setting up. A badly aligned machine will not cut accurately or parallel. For some tasks,you are looking for precision of the order of fractions of the thickness of a human hair!
This where fellow club members can help you..
Hope that this is of some help to you.
Howard (AKA Fat Fingers )
Edited By Howard Lewis on 30/07/2022 11:43:42