Nice picture from john showing the main disadvantage of an extension in the tailstock.
Its too darn long! So you can't leave it in place all the time.
Especially if its a same size to same size one.
Due to the need to accommodate both MT shank and tang in the extension barrel you have around 4 inches or more of extension which is not only rather more than you need but also unnecessarily magnifies any alignment errors.
Pretty much all of our home workshop size lathes tend to be short in the tailstock and of limited travel. Around 2 to 2 1/2" of useful travel before inadvertently popping the tool out on retraction is common and just not enough in practice. Main reason I swopped my SouthBend Heavy 10 for a Smart & Brown 1024!
Many years ago one of the guys on the SouthBend Forum described his modifications to increase tailstock poppet travel to, I think, around 3 1/2" or a little more. He screwed an extension piece on the back of the tailstock to accommodate a longer poppet and feed screw. As I recall it he made the extension bore a little larger than the tailstock bore proper to avoid potential alignment issues.
As its a permanent modification you could ream the whole bore after fitting to ensure accurate sizing and alignment and make a larger poppet to suit.
He reported that the extra inch or so gave enough travel to eliminate reach over the cross slide issues and made drilling deeper holes much easier.
Its what I would have done if a bout of bad temper had not coincided with a £££ offer for the Heavy 10 the same weekend as a 1024 appears within collection range!
Clive