Hi Jamie,
Any self-respecting lathe will be able to cut both metric and imperial threads – it is just a matter of selecting the appropriate gears.
That is the basic simple answer.
A bit more complex is that essentially there are three types of lathes for screw-cutting purposes – the so-called training or plain lathe, non-screwcutting gearbox or changewheel lathe, and screwcutting gearbox lathe.
The training or plain lathe generally does not have provision for gear cutting.
Non-gearbox or changewheel lathes uses a system of gearing between the mandrel and the leadscrew to cause the cutting tool to travel at an appropriate speed to cut the thread. Different pitches are catered for by changing the gear ratios. These lathes usually have sufficient gearwheels to allow the lathe to cut the majority of threads one might desire to a suitable accuracy, in any threadform, and to any length. There is usually a chart of some description detailing the required gearing for the pitches shown, but other pitches can be cut by calculating the gearing required. The big problem is the accuracy required as the ratios to cut an imperial thread on a metric machine, or vice versa, may not be exact, but for short threads will generally be satisfactory.
Screwcutting gearbox lathes have a gearbox which allows the selection of specific pitches without any need to change the gear wheels. Any ratios not covered by the gearbox will need one or more gear wheel changes. As will the selection of pitches for anything other than the built-in form. By that, I mean that a metric lathe fitted with a screwcutting gearbox will need a (translation) gear change to cut imperial threads, and vice versa. Again, there should be charts available to help sort it out.
For what it's worth, I have a metric changewheel lathe. According to the screwcutting chart it can cut 23 metric pitches and 29 imperial pitches.
My personal thoughts are that you should go for the metric lathe as everything is gradually being changed over to metric.
Hope this helps,
Peter G. Shaw