Keep on trying to learn about your lathe and get it repaired, but try not to force or break anything or damage anything beyond use. If it gets to looking like it will cost a lot of money and too much effort to fix it, then part it out or sell it as a basket case and move on to a lathe you can cut decent chips with. There is little worse to a newcomer than to be fighting a machine when he really wants to be playing and learning and making nice things. You could probably sell the parts of the machine on eBay for more than you paid for it. But don't give up too early, working on machines is how we learn the nuts and bolts of how they operate. Just remember to stand back at intervals and ask yourself honestly if you are following the best course for what you want to accomplish. Only you can decide...