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Welcome to machine buying! It is something we all go through.... for only $500 I can buy this.... and only another $500....
And then the online forum weighs in with "for only another $1000"....
wrt PM1127 vs PM1236 or PM1340GT:
PM1236 (or larger) has some very huge advantages:
1. Full Quick Change Gear Box (QCGB). The smaller machines are crippled.
2. Cam Lock Chuck. Huge deal. Swap out chucks in 30 seconds.
WRT 110V vs 220V. You could always put a 110V motor on a 1236 lathe. The downside is that a 2 HP motor fuel load current draw is about 19A, which probably exceeds (or is close to exceeding) the 110V circuit that you have installed. And you won't find a 115V inverter that would drive a three phase motor larger than 1 HP.
Surface conduit isn't a bad look. And really, it isn't that hard to run wiring in the walls either. I have put in 5 220V outlets in my fully-finished garage. Definitely no need to trench of either of those options are available.
Standard outlets are wired with 14 AWG which is 15 amps max load, I need a 20 Amp 120 outlet on the same wall so will run it at the same time as the 220V.
I will run (1) 120V 20 Amp circuit using 12 AWG, (2) 220V 30 Amp circuits using 10AWG.
Hopefully I can fit it all in a 3/4" conduit with (2) 90's, if not it'll need to be 1".
I will be able to get up the wall into ceiling space and then get only about 10' across as we have a finished space above garage and no access, then will dropout below ceiling and then surface the rest of the way.