Hi all. I've been digesting the replies, and very good they are too. I must thank you all for taking the time and effort to reply, even if some have generated a little friction. It's a consequence of the media we use.
I'm lucky in that I have at my disposal a well equipped workshop belonging to my employer, (Fire Service) with such things as a plasma cutter, MIG welder, gas torch, sheet metal bender, pillar drill, grinders, big vices, anvil, and so on. Everything that is needed to maintain a large fleet of (sometimes aging) fire appliances. There is also an extensive scrap bin, with steel, aluminium, brass, and so on. Some of it is in the form of old equipment, but if one is willing to put in a bit of effort it is very good stuff. We are also surrounded by a plethora of small businesses only too happy to take on small machining jobs, and we have contractors that sell everything under the sun, from screws and bolts, to complex fittings for various gear, paint, tools, you name it.
I have a garage with a big workbench and a hefty vice and properly wired for power, and an upstairs room with a solid work table, vice and good light. I have a small but growing selection of hand tools and my little adept lathe.
So, the very basics are there, and I also have a local club with 3 1/2, 5" and 7 1/4 in gauge tracks. Like I said, I've yet to join, but I intend to visit in the new year, and peruse the facilities and members over a few brews and make my decision.
I have been looking at loco designs and the 'LBSC' designs are my favorite, which fits well with my love of Austerity era model making, and the tools of the era. I particularly love the 'Petrolea' the 'Rainhill', 'Canterbury Lamb', 'Juliet', don't ask me why, I think I just like small/older locos.
I have read the excellent Tabletop Machining book by the Sherline chap, and numerous books on milling, lathe work, and other fabrication techniques, as I am an avid reader. I am slowly building a small engineering library it seems.
I think it would maybe be best to wait until after my club visit before I pick a design, as they may tip the balance in favour of a particular type for a beginner, although the ultimate decision rests with me of course.
I am particularly determined to do this job with an older lathe, as I have no love of the chinese machines, and I want to experience what it was like to build such a model with the gear that was available to the average model engineer at the time, however hard that may be. That is the challenge. Even if this means rebuilding an older machine as a project in it's self with the aid of a club, as for me the equipment is just as important and beautiful as the models, which is part of the reason I'd rather avoid a new lathe. I just like the old stuff.
Sorry of this seems a rambling post, the morning coffee hasn't kicked in yet…
Stew.