Initially, I wanted to go with a full size BP (or the equivalent) but space was working against me. Also, I looked at quite a few machines and all of them were going to need a full disassembly, bearings, scraping, motors etc... Replacement bearings on a BP were running $650 and most of the machines I was looking at were 2000-$3000... Finally, I threw in the towel and settled on more reasonably sized new machine. Yes, a little more expensive (but not by much) and they had the advantage of being ready to go the minute they were set in place and plugged in... My first lathe in recent times was old and pretty worn and I spent more time working on it than with it and spent about $1000 along the way.
I totally appreciate the work done to properly refurbish a machine and think it's both art and science but, to do it properly, it takes time, tools and knowledge -none of which were in abudance at the time. Different strokes for different folks -and I don't think theres a "right" or "wrong" approach -provided you know what you're getting into and why.
Ray