Andy,
Given the slightest excuse I bang on endlessly about the need to look at condition rather than descriptions and brand-names. Smart & Brown made good lathes, but they can and do end up as scrap.
A new tool-room lathe would hold better tolerances than relatives destined for production. May include better materials, more expensive bearings, and other extras plus a certain delicacy. Designed for precision work, not hacking metal. Generally a desirable object but more than needed in the average workshop and likely to bump the price up.
BUT! Is a tool-room lathe still in tool-room condition? Before CNC caused large numbers of manual machines to be put on the market in good condition, the advice was to take great care buying ex-industrial machines. It was common for machines to be worked until they were 'Beyond Economic Repair', and tool-room equipment was far from immune:
Stage 1: new tool-room lathe installed in tool-room and carefully maintained.
Stage 2: tool-room lathe becomes slightly worn and is transferred to less demanding shop-floor work, and thrashed.
Stage 3: beaten up tool-room lathe can't meet production targets and is transferred to rough duty like removing rust in a lean-to out back.
Stage 4: Stored in a damp out-house for 20 years…
Today, the chance of getting an ex-industrial machine in good condition is much higher. If you find a good one, hurrah! If not, worry about the cost of spares compared with "lesser" machines like Harrison etc, themselves 'reassuringly expensive' in the parts department!
Your WM180 experience is valuable in that it gives you a good idea what to look for in a second-hand machine; Enough to see a tool-room lathe is functional, but probably not enough to prove it is working to tool-room specifications. Even so, if the very high standards of the tool-room don't matter and the price is right, go for it.
Dave