Callum,
Welcome!
But, if you are new to engineering, and lathes, I would counsel against buying a lathe AND restoring it..
A lathe starts life as a precision machine, although with use, it may well suffer some wear.
By all means, clean it and lubricate it, but avoid stripping or much in the way of adjustments, unless you know what you are doing.. You don't want to make anything worse.
Unless you have the correct knowledge, skill and equipment to measure and rectify, you might do more harm than good. in attempting to restore it.
Without the knowledge and skill, you will have enough to do to learn how to operate the lathe.
(One of the first things that I learned was that whatever cut I put on reduced the diameter by twice as much )
Learning how to cope with a machine that is worn, will always be useful.
With any machine, even a new one, to do accurate work, you have to allow for backlash.
Find and join a local model engineering Society. There you will be face to face with people who can help you.
Where are you located? You may be able to find a club local to you on Google.
Guided by someone with experience,you will be helped to learn how to set up and use the machine.. They can also guide you as to what measuring equipment you need, and tooling, as a minimum.
(I would advise starting with a digital calliper. For about £10 yo should be able fo find one in ALDI or LIDL, when they come in on offer. Alternatively, a pretty good quality one, such as a Moore and Wright, can be bought from machine DRO. This is just under £26, plus shipping. ) This will enable you to work in either Imperial, or Metric units. Being a Zyto, I would expect the leadscrews to be Imperial.
My advice, FWIW would be to use High Speed Toolbits.
This means that you will need to learn how to grind tools, which means more expense to buy a bench grinder!
Fellow M E Club members will help you learn how to grind tools.
Other expenditures that would be advisable would be a set of Zeus Charts, and a book such as Ian Bradley's "The Amateur's Workshop".This covers workshop practice in general.
For books on lathe work, there are several that would be useful (You don't need to buy all of them! )
The most often recommended is L H Sparey "The Amateur's lathe", but Stan Bray and Harold Hall ((Both former editors of MEW ) have written books on lathe work..
Where to get these items?
I am pleased with my M & W calliper from machine DRO, and although not a big spender, have had good service from Arc Euro Trade (Take a look at their website) .
Start by just just cutting some mild steel
Having done a little ,bit of turning, gain experience by making simple tools. These will give you experience, and will be useful in the future..
One of the first that I would suggest is a Centre Height Gauge. Once made and set up thisaid setting cutting tools to Centre Height. (If a tool is not at centre height, it will not cut properly, and even if it cuts, will leave a pip in the middle of the work..
A simple one just needs a piece of round steel, three nuts, a short piece of studding and small piece of flat plate or another flat disc. This will involve you in drilling and tapping. Drilling and tapping is another skill that you will soon need to acquire. (More expenditure;but you don't have to do everything at once. You can but things as and when you need them.) And other club members no doubt, will help.
If you are unsure about making a centre height gauge, PM me and we can find a way to help you.
Howard
Edited By Howard Lewis on 14/08/2022 07:26:49