Um, not come across Dave M before; I think this is the YouTube advice you mean Tom. (Dave M gets to the mini-lathe towards the end of the video.)
A general concern is that Dave has an immaculate workshop. Nothing wrong with that except it can be a hobby in itself, which isn't for everybody! Personally I'm more impressed by visible signs of work.
Anyway Dave's top 10 mods (with slight confusion in the telling) were:
- Smooth operation of the compound (Tom's starting point)
- Vibration
- Quick-change toolpost
- 3/8" set of carbide insert tool-holders
- TCMT for aluminium
- A work-light
- Collets
- Tailstock adjustment (apparently everyone else does it wrong)
- I heard Spine Drills, I think he means 'use spotting drills rather than centre drills to start a hole'
- Good boring bars
I'd agree with 1,2 and making sure the tail-stock is aligned, also a well lit workshop is a good thing. The rest of the top 10 are much more dubious, and I wouldn't take them too seriously.
In the case of the compound Dave M mentions a friend pointing out it was loose. This is a bad thing, but fixing it is an adjusment. Thereafter, it may be possible to improve smoothness by polishing the gibs, and some llike to switch to brass gibs. Whether any of it is necessary depends on the lathe. Early Chinese lathes came in for a lot of stick for poor finish; recent ones seem a lot better.
When I a new minilathe owner, I too read on the web that gib polishing would be an improvement. Some said it was essential, others that it was highly worthwhile. So, even though the lathe worked OK I stripped her down, agreed the gibs looked a little rough, and polished them up. As far as I could tell the effort was a complete waste of time – as the lathe was OK before, any improvement was miniscule. Lesson learned: if it ain't bust, don't fix it!
Now my advice to beginners with a new machine is to use it comprehensively for at least a month before jumping to any conclusions. Drill holes, face off, turn, thread and taper. Find out about tool profiles, depth of cut, feed rates and different materials. Gross faults apart, in the early stages disappointing results are as likely to be down to the operator as they are to a maladjusted machine. It's quite easy to confuse yourself and proceed unwisely.
Once you've given yourself and the machine a thorough test drive, it's much easier to diagnose faults with yourself or the machine, ask for advice, and then to fix it.
To answer the indent question, as far as I know fitting the cones into dimples is common practice. You don't want the gibs moving on their own. The ArcEuro method uses the lathe as a template to put the dimples in the right place; it's just an easy way to line them up.
Neil Wyatt of this forum has published a book on the mini-lathe. I feel it's more trustworthy than some YouTube advice, and you can always ask the author a direct question on here.
Dave