Our forebears produced splendid work on machines lacking even the features of the CL500M.
A skilled man can produce good work on a poor machine. An unskilled one can produce poor work on a good machine. I bear witness to that!
Many a good tune and all that.
Once it is sorted and you are familiar with the machine you will be surprised what you can do with it.. You just have to recognise the limitations and work within them. Add few "bespoke" accessories and even more will be possible.
Saddle Stop and Centre Height Gauge spring to mind as being useful in the very near future.. Then Tailstock Die, and Tailstock Tap holders, even Floating Reamer Holders, and a Tailstock Drilling pad could be added to the list..
The Milling facility would allow you to make your own Tangential Turning Tool holders.
The world is about to become your oyster!
Howard