I’d concentrate on the lathe portion first. Get some HSS bits and learn how to grind them.
Realize that many of us have started on similar machines and upgraded fairly soon. For the price I don’t think you can go wrong but they do have shortcomings.
I wouldn’t spend a ton on tooling yet, just get some bits and stock and start making stuff. You can download good lathe texts like south bends “how to run a lathe”, most things will translate. You may have luck with the milling portion but I didn’t with my HF clone of your machine.
Lots of good help on here so please post as you get it up and running, others will be along soon with more to say.
John