I will agree with much of what Ketan has written. I regard all machines be they new or second hand as requiring ‘Commissioning’. That is dismantling (to a certain level) cleaning, fixing anything that is not too good and rebuilding with great care setting things up as you go.
On a lathe the size of the 7X12 is light and to my mind flimsy, so I would hunt out a nice bit of OLD (yes old) RSJ get it surfaced and bolt the lathe to that (with suitable adjusters in the mountings. You will have two problems with that as you will have to get the RSJ level before you mount up the lathe. You then level the lathe on the level RSJ. Remember with a ‘V’ bed lathe it the tops of the ‘V’s may be very crudly machined as they carry no load. I always level on the cross slide. This can also be doggy.
I will admit I missed something inside a new 6” lathe. It later got mixes up with the cross slide power feed and jammed it. What I missed was a pink paper for a pestilence powder (or the 7th curse of Dr Fu Manchu on all round eyed foreign devils or even, dare I say, an advert for a local Pale Pink Peppermint Parlour in Pongping).
Finaly the first things I would make are two test/truing bars. Mine are very thick. Yours would need to have about 5/8” (16 MM) shafts and 1” (25.4MM) spools. My spools were stuck on with loktite. Will post pictures of them both ASAP
Edited By Richard Parsons on 21/05/2012 17:48:12