Steve,
I have had a Cowells lathe for around 30 Years (the ME one, rather than the clockmaker’s). I use it for general model engineering, rather than horology.
My experience is that it isn’t fantastically accurate (that’s down to your skill) and you get very sick of removing metal a few thou at a time (because if you try to take a bigger bite, the belt slips and it stalls). So, if you are producing small bits for OO, or even O gauge model railways, it will probably be Ok (though O gauge wheels and boiler parts might be problematic). I’m not saying you can’t do these bits, but care and a lot of patience is required.
Providing you accept that it will not be as accurate, and you might well have to put effort into setting up and adjusting, I think you’d be better off with a Chinese mini-lathe.
I’ve nothing against Cowell’s, it is a good machine – but value for money – I don’t think so.
I’ve recently renovated a Myford S7 and the choice that gives you (in terms of metal removal) is streets ahead of the perceived accuracy of the Cowell’s. I paid the same for the Myford (around £500) that I did for the Cowell’s 30 years ago.
The other man’s grass is always greener – I guess you pays your money and takes your choice!
Regards Tom