With the three sheave pulleys on countershaft and spindle, you have three speeds, and if you engage back gear, you have three more (about 1/6th of the other speeds)
You do not change belt positions with the motor running, nor lock the spindle by engaging back gear, with the bull wheel still pinned to the spindle. Those who do this so that they can slacken a stuck chuck (To unscrew it) will end up breaking teeth off the gears; and they will not have been available as spares for MANY years. There are other less lethal ways of removing a stuck chuck!
You can calculate the speeds, by looking at the plate on the motor to see what the speed is (probably something like 1450 or 1470 rpm) Then measure the motor pulley diameter and that of the driven pulley on the countershaft. Simple arithmetic will tell you speed at which the countershaft will rotate, and measuring the three sheave pulleys will allow you to calculate the spindle speeds (probably one reduced from countershaft speed, one at countershaft speed, and the third above countershaft speed.
Engaging back gear will reduce these by a factor of 6.
With relatively primitive bearings, keep the spindle well oiled, and avoid high speeds, and excessive belt tensions. As long as the belt does not slip, it is tight enough. Excess tension can wear the bearings, and shorten belt life. (And you do not want to be stripping out the spindle to change the secondary belt!)
As a newbie, buy at least one book on using a lathe (Stan Bray “Basic Lathework” No 45 in the Workshop Practice Series, or Harold Hall “lathework, A Complete Course” WPS No 34)
L H Sparey “The Amateur’s Lathe” used to be the “go to” book. It is based around the Myford ML7, but the basic principles are the same for virtually all lathes.
The books will show you how to grind lathe tools.
It will be useful practice to make a Centre Height Gauge. This make setting tools on centre height easier. An off centre tool will not cut well, if at all, and even if it does, will leave a “pip” in the middle when you face the end of a bar.
You will also find a set of Zeus Charts useful (Still using mine from 1958!)
If you haven’t got any, you will need measuring equipment. A digital calliper, will probably be best.
Remember that if you put on a 0.010″ cut, the bar will reduce in size by 0.020″ when the lathe removes metal from the other side of the bar as it comes round.
0.010″ is twice the thickness of a human hair. You are not going to be removing 1/8″ a side on an old small, low powered lathe! This is essentially a hobby machine, not intended for industrial work!
Learn the skill of rotating the handles slowly and steadily to produce a good surface finish.
Being an old British machine, the EW will use Whitworth and BSF threads, (And possibly BA for gib strip adjusters)
To begin with, just become familiar with using the machine to cut metal, then gain experience by making simple tools, which you can use in the future.
Make your mistakes (You will; we all do!)on relatively cheap material (mild steel) rather on on an expensive casting from a kit
Take things slowly and learn in easy stages.
Good luck
Howard