Richard,
Welcome!
Any queries, ASK!
Having decided on what lathe to buy, allow for the budget to cover tooling (Centre Drills, Drills, Taps, Dies) and measuring equipment, (Most probably a Calliper – Vernier, Dial or Digital (and spare batteries) and a bench grinder, if you don’t already have them.
An old kit will probably have dimensions in Imperial units (possibly fractions!)
Buy a set of Zeus Charts, and at least one book on lathe operation. “Basic Lathework” by Stan Bray, No 45 in the Workshop Practice Series; “Lathework A Complete Course” by Harold Hall – WPS 35
If you choose a mini lathe, Dave Fenner, David Clark and Neil Wyatt have all written books on it.
And the original “bible”, written around the Myford 7 Series, L H Sparey “The Amateur’s Lathe”
With a book on the shelf, you can always refer to it, at any time.
If buying a second, or more, hand machine, examine and test the machine carefully. If unsure, take someone with you who is more knowledgeable.
Whereabouts are you located? In case anyone on here would be prepared to offer advice, and help.
FWIW
1) Don’t launch straight into machining the castings. become familiar with the machine, and techniques.
Learn how to take out backlash, and gain experience by just cutting metal.
Make your mistakes on material that you can replace easily, rather than the castings.
2) You can learn by making a few tools, that you can use in the future,
a) Learn, or relearn, how to grind tools.
b) A Centre Height Gauge.
A useful learning exercise and can be used for years afterwards
c) Since you will be doing thread cutting, make a Tailstock Sliding Die holder. You can buy just the Die holders, and refresh your memory by making the body, and the arbor. (Buy the Morse Taper arbor for the Tailstock, and modify it to take the arbor on which the holders slide)
d) Make yourself a Tailstock Sliding Tap Holder (The easiest way is to use a Drill chuck attached to a body, to slide on the arbor for the Die holder)
Foe both these devices, you will need a lubricant for thread cutting, Trefolex or Rocol RTD
e) A Mandrel Handle will be useful for cutting threads with taps or Dies. Easy to make, and better than pulling the chuck round by hand!
Before too long, you will need to relearn how to centre work in a four jaw independent chuck, so will need at least one Dial indicator, (probably a finger clock first) and a magnetic base, on which to mount it.
Above all, DON’T rush.
Learn, or relearn, the basics before attacking castings that you may not be able to replace if you make an error.
HTH
Howard