Jeremy,
After using some pretty large lathes (Harrison, Smart & Brown) I downsized to a Myford ML10 like you have.
I can honestly say you have a brilliant lathe there. Most capable, if you can hold the work you can machine it!
I wouldn't worry too much about center drill sizes. I use anything from very small 1mm to ones which only just fit the tailstock chuck – about 13mm stock. The lathe is fine with all of them.
Yesterday I drilled some steel with a 1" drill held in the tailstock. No trouble.
I tend not to use the 4 way tool post, preferring the original single tool clamp, but this is mostly so I can continue to use the tools left over from the bigger lathes I once had.
My best addition is the rear goalpost for parting/grooving. The Myford one is a bit big, but I made a thinner one which is just as good and leaves you with more room.
John