To modify your lathe for more swing, you might consider fabricating an auxiliary spindle pedestal with it's centerline higher than that of your lathe's spindle.
This auxiliary spindle would be mounted on it's own bearings, it's pedestal be bolted to the lathe's bed, and be driven from the lathe's spindle via belt, gears, or roller chain.
You would have to set your cutting tool to a greater height to match the auxiliary spindle.
Accurate alignment would be necessary to avoid turning, boring, or facing tapers, although this might be an easy way to cut tapers if they are needed.