Then I think you have the basics of a good plain lathe there then Carl.
In terms of screw-cutting, the ML4 leadscrew is already fitted, so (assuming) the collet lever is also removable, then some form of banjo could probably be arranged to set up a gear cluster. You may not need this for screwcutting (for my size of work – taps and dies usually suffice) but a simple geared setup will provide a slow saddle feed – which is useful. If you don't already have the chucks – suitable blackplates will be needed to mount them – so hopefully the nose dimensions/thread will be a to an existing Myford size (or you will need access to a screwcutting lathe).
A better (3 step) pulley would help (you will also need a matching countershaft) with speed selection – and some form of backgear is also useful but not essential… Not having a spindle taper isn't the end of the world, partly because you have the collets available. Use the largest to hold (and machine in-situ) a soft centre and other "slave" devices – one to hold a drill chuck for instance and others such as small faceplates, mandrels, tapped holders for second operations etc.
And of course, if you can devise some form of simple tailstock or saddle mounted tool turret, then small part production will be possible – which is what the headstock was originally designed for.
So I hope this helps (if only a little) and encourages you to get the best from your new machine. Good luck and please let us know how you get on.
Regards,
IanT