You are about to start on years of enjoyment, learning and, sadly sometimes, frustration. But overall, MOST satisfying. You will be able to make, repair, design and develop all manner of things.
Once the machines are set up, I would suggest making a Centre Height Gauge, to aid setting tools in the Lathe.
You can either do it by experimenting, or by measuring (more cash going on measuring equipment, if you haven't got any. Buy good stuff, you can be more confident of accuracy, durability, and consistency.
If you hit a problem, there are hordes of folk on here who will try to help.
Go for it! and Good Luck
PS If not already a member, join a local Model Engineering Club, again you'll benefit
Howard
Edited By Howard Lewis on 07/04/2018 11:25:28