Being a cautious, if not scaredy cat, I would suggest leaving cutting Morse tapers until you are more familiar with operating the machine. (Is the Tailstock correctly aligned with the Headstock? If not you are likely to cut tapers, whether you want them or not!)
Making a Centre Height Gauge will time well spent, allowing tools to be set up more quickly.
Next, perhaps, make up a Tangential Tool Holder, and sharpening jig, to use HSS toolbits.
Then you can make some of the tools that you want.
And then the world will start to be your oyster, and you can enter into the spooky world of thread cutting, although for a lot of what we do, Taps and Dies will suffice.
Howard