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I posted this on another 3 in 1 forum and then saw this forum was more appropriate.
I use a Smithy Granite Elite I-Max 1340 3 in 1 in my fabricating shop and think the 3 in 1 is way under-rated and too often laughed off as a toy. These are very capable machines as long as it is realized they are not a 2 ton Bridgeport or large South Bend lathe. The first thing I did when I got mine was take several days to set it up level and then clean, de-burr, lubricate, tram, scrape and tighten everything. Out of the box they are not the most precise equipment that exists for sure, but a little time and work and I have found it to be as good or better then separate machines. I added a 3-axis DRO, a coolant system and am in the planning phase of conversion to ballscrews on X and Y axis. Once the ballscrews are installed and working right I have a full CNC 3 axis system that is going to be installed.
To a lot of people it may seem crazy to put this much time, effort and money into a 3 in 1, but space considerations do not allow separates. The capacity is 13 x 40 which as of yet has not been too small for any fab job. Not going to line bore a V8, but that is not the type of work I do. Part of the reason for doing all this is just because I can and I like to do it, but also when I get done, like most other projects, I have exactly what I want and need for my application and needs. To get the same capabilities would require 3-4 times the money and considerable shop real estate that I don't have.
I could not agree more with another poster who said that a lathe is a lathe and don't think that any idea for a lathe cannot be adapted or used on a 3 in 1. I have seen some very incredible work done on these machines and like any other machine tool once you get used to the way the machine operates it is just as good or better than any of the Myfords, Craftsman, South Bends, or other smaller lathes that I see people own. I have been able to hold 2/10's on some precision work as long as I take my time and go slow and easy.