turning a 1″ peice of SS is very rare for most hobbyists, most work in cast iron and free cutting steel or brass. My Sherline can cut a 1″ peice of SS but its slow, I can remove .2mm each pass on that size I guess, even tho I havent worked in SS, I have turned that size in material from very hard old bolts. There´s a few film clips on Sherline´s home page demonstrationg the capabilities.
It´s a case of Money Vs. Time, what do you have most of? I estimate small machines (table top) can do 90% of all jobs I see in ME!
I think its a good idea to start with a Emco 3 or 4, or preferably a Sherline,