Screwcutting is something I only do if size or precision requires it. Most hobby lathes won't have a gearbox with a comprehensive selection of pitches attainable by moving 2 or 3 levers, and independently of machining feeds – so we usually have to accept faffing about with change gears to set up the threading, and then faffing it back again to normal afterwards when we want to use longitudinal or cross feed machining. If I can, I'll duck the issue and use a die.
Bigger, ex-industrial lathes in decent condition can be excellent, but you not only need the space for them but the capability to move them into that space, and that can add vastly to the expense and complexity of the process.
If it's going to be your sole machine, even for a period, you need to be able to mill on it, which means the capability to fit a z-axis slide, and power cross feed is highly desirable.
Dial-controlled variable speed is also highly desirable.
A good 3-jaw chuck with concentricity in the order of a thou or better will save a lot of clocking-up time for almost all turned parts needing machining from both ends. In the 70s when I started this was not believed readily attainable, but I think that today it is.
Because of the wide acceptance of the Myford 7 series, many model plans and casting sets require a swing of 7" or more. This is one of the factors that in my view severely limited the usefulness of the Myford Speed 10 I used to have.
Length of bed is less of an issue unless you're going to do work on rifle barrels or suchlike – and even if you are, headstock bore may be more important, still more so if you've a variety of components you might want to part-off from bar in some quantity.
Nothing in this world is ever perfect – nor can it be, as perfection for one type of work is bound to make another type more difficult. You just have to settle for the balance of imperfections you can live with, and afford.
Edited By Mick B1 on 14/06/2021 16:24:02