I have a copy of the Dave Gingery book, "The Metal Lathe", which describes building a lathe from the ground up using raw stock and aluminum castings. He uses a set of pillow blocks mounted to a temporary platform. This setup supports a boring bar that is used to cut the headstock bearing pockets in-situ using the ways as a guide (so everything lines up). Those books are gold, even if you don't plan on making your own lathe, just because the exposure to the shear ingenuity is bound to make you a smarter persone :think:.
I somewhat agree with Tony. The bearings in those are probably deep groove ball bearings (the most common type by far). They can take about 25% of their rated capacity as an axial load, which should be good enough for small work. Will it be as accurate as a manufactured lathe? Probably not. Will it work? Almost certainly. Will it do what you want? Maybe.
One thing to think about is that good quality pillow blocks are expensive (unless you have a cheap source, in which case, share
. By the time you buy the stock, bearings, etc, you may have spent as much as you would have on a used 7x14 import lathe.
I went through a similar venture a couple years back when we still lived in a small apartment. I really wanted a mill, but had no room, so I decided to build a desktop cnc rounter based on one of the common designs. It worked after a fashion, but it was a bit cumbersome, and ultimately I spent quite a bit on it. I also learned a heck of a lot, and had fun. Neither of those you can really put a pricetag on.
One last thing. To get around Tony's concern about accuracy and bearing fit. Set the shaft in the blocks, and lock the set screws. Then, once the shaft is locked, turn the nose taper. This ensures that the nose taper is concentric. The only trick is that you cannot remove the shaft. If you do, the nose taper will have to be re-turned in place. I saw this technique on the Quorn mailing list in relation to producing accurate grinding spindles. In that case, the spindle is turned in it's own bearings. The result is hard to beat.
DMS