Not super impressed with the condition of the Central Machinery. The basic machine should be adequate for your needs but that particular one looks like it has not been well cared for. Maybe just years of use, but it is more than dirty, there are broken buttons / switches, tools just laying in the chip pan etc. Nothing about it gives me the impression it has been owned by somebody who takes care of their tools. Could be a good deal, could also be a major project. Do you have any experience to evaluate a used lathe or know somebody who does that could look at it with you?
Long term a small lathe is not going to be adequate for gunsmithing particularly if you want to do rifles, but you can learn a lot with a small lathe and then buy something bigger once you have a better idea of your needs and how to evaluate a used machine. There are lots of things a small lathe can be used for with regard to reloading.
Most of the small lathes will require some initial tweaking either because they are inexpensive Chinese machines or because they are older used machines (or both if a used import).
The 7" lathes tend to be built to a hard budget, going up a step to an 8" or 9" lathe you will pay more but they seem to be made to a higher standard and still remain fairly mobile (2 or 3 adults can move them with little trouble or need for lifting equipment).
On the very small end you have
Taig and
Sherline, good quality and USA made, but very small. They could be useful for case modification and such. People have done some pistol work with them, but gunsmith work will have to be small.
There are quite a few 8x16 to 8x20 lathes out there, kind of the big brother to the 7x lathes but you get more with them and they seem to be a little better quality. There are a few with a larger 1-1/2" spindle bore.
Grizzly has an 8x16, they also offer one with a DRO for a few hundred more if you really want that feature. Unfortunately machine prices have gone crazy the past 2 years. A few years ago these little lathes were selling for about $1200.
Grizzly G0768 Grizzly G0768Z (with DRO)
There are similar (and usually cheaper) 8x14" and 8x16" machines on ebay, but perhaps of some interest are these with a larger spindle bore.
8.7x24" or the longer
8.7x31"
Downside to buying off ebay is seller support can be very poor if you have an issue. Some have received ready to use machines but you can expect to need to tear down, clean and adjust any machine you get (this also applies to the machines from Grizzly, but with Grizzly you at least have a seller who will respond to your issues).
Little Machine Shop offers some nice small lathes, a higher end 7x16" and a larger 8.5x20", but while the machines are small the prices are not. These are of better quality than most in this size class and Little Machine Shop is a reputable vendor that supports their products.
LMS lathes
As many have mentioned long term most seem to go for a large lathe in the 12x36 to 14x40 size, but you can actually do a lot with a smaller lathe, and hold off on the big lathe until you feel a lot more comfortable about choosing one that you will be happy with in the long term. Probably the worst thing you could do would be to get a 600-1200lb machine that you are very unhappy with. Ask John about his experience with a 14x40 Bolton lathe, and he has experience buying lathes.
$1500 or so for a smallish lathe you can tinker with and learn more about your needs can be a nice investment in skills. Then in the end you can keep it as a small handy second lathe for little projects or sell it after you have acquired your long term machine.
Having a machine to tinker with makes it a lot easier to be patient while looking for "the one". A small lathe under 200lbs is easy to sell to another person getting started, so it shouldn't be hard to get 1/2-2/3 of what you paid for it after a couple years playing with it.