Hi Jake,
My lathe doesn't have the correct pulleys but so far most of my work has been done at about 400-500 RPM.
I'm not 100% sure this is correct but I think the standard speeds (without backgear) are 220, 391 and 694 RPM with a UK spec 1460 RPM motor.
You will find huge amounts of info about cutting speeds elsewhere but I wouldn't get overly hung up on speeds for most work as long as you are in the right ballpark. If it's cutting well then it's probably fine.
My cheapy chinese MT1 collet holder fits really well in my cleaned up taper but I guess it's a bit of a lottery whether you get good results or not when buying things this way. It cost next to nothing so it was worth a punt.
My tailstock drill chuck is a proper Jacobs on a proper Jacobs MT1 arbor so hopefully the taper on that is correct.
Make sure you start tailstock drilled holes with a centre drill or spot drill (the former are cheaper). These are short and rigid and will cope with a little misalignment. If you really want to test whether your taper grips properly then drill a big hole in some brass – brass is notorious for grabbing hold of the drill and pulling the chuck out of the tailstock taper. On second thoughts, probably don't try that until you have things better sorted..
Regards, Andy