Office of Steam Forum for Model & Toy Steam Gas & Hot Air Engines

A very very nice little lathe Gil!

You will have so much fun, getting properly in touch with it.

Personally I would highly recommend, that you find yourself a good piece of solid brass, and start the real process out by familiarizing yourself with grinding HSS blanks.
(Unless that skill is already at hand.)
I am the biggest fan of various carbide inserts myself, but find that I more often than not needs smaller more specialized tools, to reach tight spots when making parts for model engines.