As Mark says, the Loughborough is purely a very basic Training Lathe, and has no facilities for powered feeds or screwcutting.
Having said that, it is a good solid machine, and if unworn and not abused is capable of good work, in the right hands.
The WaterWorks Museum has one, and for turning jobs within it's capacity,,it is my machine of choice
(With a freshly ground tangential turning tool, I have taken cuts of 0.0005" on it. )
Hopefully, you have a good , undamaged, capable machine.
If you are a newbie, you should be able to learn a lot , (Which was the reason for purpose manufacturing it ) and produce some good work on it.
Enjoy!
If you say where you are located, it maybe that someone will be willing to give you face to face advice and demonstrations.
Certainly find and join a Model Engineering Club. You will learn a lot there.
Howard