Hi Jamie,
a lot depends on what you want to do with your lathe. I started with a Myford bought new in 1980, this lasted me well and it is still in the family because I gave it to my son in law when I upgraded to a larger lathe.
I started in Model Engineering by building a 5" gauge Simplex then a 5" gauge "Enterprise, I found this ideal for the model loco's but I was kind of restricted to 5" gauge because 7 1/4" is just that bit larger and machining some of the larger diameters would have presented problems.
I drifted back into motorcycles once my kids grew up and became independent of Mum and Dad, I started doing more and more heavy work such as making flywheels, truing crankshafts and so on. I found that I was really working the Myford to the limit because by now I was working on a commercial scale with the motorcycle stuff.
When I decided upon change I went for one of the Chinese built Warco machines (BH600) which, though not the greatest of machines, is capable of some accurate and heavy work. I use it for all sorts of things like making flywheels, crankshafts, re-boring cylinders and making pistons and piston rings etc.
You probably have heard that you should buy the biggest capacity machine you can afford, this, to some extent is true. Don't buy the biggest you can afford but buy a machine that is capable of throwing the largest diameter you can foresee you are likely to machine. However, remember, most of your work initially will be simple stuff like making bolts and fasteners, spacers and the like and a great big lathe might not be happy making these smaller things so a compromise is probably the best solution. Or ideally, get one of the mini- lathes that are widely available under various badge names and use this for your small work and keep the large lathe for the rest.
As for what tooling to buy, again this depends on what you intend to do with the lathe. As your skills develop you will find that you need more accessories to do an ever increasing variety of jobs. Before long you will need a milling machine, this will be followed by various other essential bits of workshop equipment. A good set of cutting tools is essential to start with though things like tailstock die holders and a rotating centre will also come in handy from the off.
Regards,
Bob (AKA Humbernut)
I built my first model locomotive using a bench drill and the Myford as well as an 8" double ended grinding machine. My workshop now extends to two lathes, two milling machines a cylindrical grinder, heat treatment furnace,tool & cutter grinder, two bench grinders, Pedestal drill, Oxyacetylene equipment, propane equipment, shot blasting gear and a whole host of tooling too much to mention. This has been amassed over the last forty years and must have cost an absolute fortune so take your time and build up slowly.