Above all, don’t rush! Each job will take as long as it needs. Impatience breeds inaccuracy (As I know to my cost, far too often)
The motor can be drying out while you clean the machine, reassemble and adjust, applying paint when and where you feel it is necessary.
By all means mount the lathe on a rigid, substantial bench, and set it up.
The environment needs to be weatherproof, and insulated to minimise rapid temperature changes.
When all the work is finished, you will have a machine, and accessories with a huge range of capabilities, only limited by your imagination.
What you do will expand along with your experience and capability
Forty years ago, I never imagined that I would eventually knurl, screwcut, make interference fits, or cut gears.
Gain experience and confidence by making simple accessories. They will “Come in handy” later on.
You are starting along a path to enormous pleasure and usefulness. (For yourself and others. But beware of the friend who comes along with “A little job. Can you just?” They think it will only take ten minutes, you will know better!)
Have fun
Howard