Thanks and yes, I need time before I really know if/what would be next lathe and what features are critical.Welcome to the rabbit hole, the carrots are over there.
Start figuring out how to make more space in your shop. It is inevitable that you will start wanting to add machines to support the lathe, bandsaw, bench grinder, milling machine etc.
Personally I wouldn't start picking out your next lathe just yet. Sure do some window shopping so you know what is out there, but use what you have for awhile (6 months, a year) then pick out what it is doing well for you and where it is falling short. Problem with selecting its future replacement right away is "the new shiny" may cause you to look for problems that really aren't a big deal to support getting something new, and you may overlook issues that don't support that particular choice of lathe.
This is a great site to learn about older lathes that you may run across.
http://www.lathes.co.uk/
Was the tool chest part of the deal?
You will get used to the small handwheels, with practice it is not hard to maintain a fairly consistent rate.
Emery cloth or sandpaper cut into strips is a better choice for finishing on the lathe than steel wool. It keeps your fingers back from the turning bits and held between a finger and thumb tends to pull out of your grip rather than pulling your hand in. Don't wrap it around your fingers. Sand paper has an additional benefit of tearing if snagged.
WD40 is a nice, cheap and not terribly stinky cutting fluid for aluminum.
I did not get any collets, but it's an ER20 collet holder which is the same size as my CNC so I already have a few.... but, I may opt for an ER40 collet adapter from http://www.mymachineshop.net. It would just thread onto the 1" 10 TPI spindle nose.... then I can go up to an inch and use hex collets, etc...That is one very nice set! It would take a fair amount of $ to buy all the things you got with it. Having the 3 chucks is great. Did you get the set of collets for the collet chuck? I really like using my collet chucks and will choose them over the jaw chucks whenever I have collets that will fit the work. You will be very happy to have gotten a QCTP and all the tool holders. Really speeds tool changes. Make yourself a tool height gage. I think the uncoated inserts are for aluminum but will likely work, sub optimally, on steel also. I see the hex bar is marked 12L14, good choice of steel. Very nice collection of material to get started with. The L stands for leaded, making it turn much nicer.
Like has been said: learn all the operations on this lathe before you get thinking you need a bigger one. I think as you've just proven, good used lathes are available so you don't have to spend on a new one. Save that $ and get a mill (and all the accessories and tooling that are also needed!)
Even though it is a very small lathe it can be dangerous! Learn to use safely! Always safety glasses!!! BE SAFE!