I’m about to pull the trigger and purchase a Precision Matthews PM1030 lathe.
What do you wish you knew before buying your first lathe? What type of tooling and accessories did you buy or wish you did or did not buy?
While recently doing a bunch of projects on my lathe while doing upgrades and repairs at the same time has given me a lot of food for thought.
I would get the largest spindle bore hole size as possible. Having 1.5" capacity (over 1") is very useful and highly recommended. I can't tell you how many projects ended up being more difficult or abandoned not having that capacity. I would recommend looking at the Precision Matthews PM-1127 VF-LB. Its similar in size.
Some other general things to look for/would want:
Quick change thread gearbox, imperial & metric threading
Variable speed and avoid having to change belts
Quick change tool post with lots of various holders
Ease of setting up DRO, having it makes life so much nicer.
Power cross feed is nice to have.
Hardened bed ways, stiff lathe that can handle deeper cuts and stainless. This can be a problem with the smaller lathes, limiting speed of finishing projects and what you'll be able to do. Do homework about what others have experienced with the lathes your interested in.
Find a lathe with as much tooling as possible. 3 & 4 jaw chucks with both jaws and if possible a collet holder set.
Avoid lathes that are projects and need fixing, look for turnkey and complete with low backlash/low wear. Find one with a good reputation
While I agree with others saying bigger is better, but space can also be a premium and could restrict you from what others are able to accommodate. Figure out your space and get the largest that you can and that is practical.
I also agree with others say about converting it to CNC, not as important on a lathe but understand why you would want it. Recommend using it manually building up experience and knowledge before converting. Maybe look into a radius making tooling like a Holdridge Radii cutter or similar knock off to get your complicated curves?
Lastly, you live in a great spot where you have many cities and industrial areas near you, South Bend and others are close to you making it fairly easy to source a good lathe and tooling. I wouldn't be surprised if you could find a good well made lathe for sale close by from someone who knows what there doing and took good care of it and a reasonable price.