That's a wide question. Much depends on the tasks at hand, and future growth, if any. And budget. If it were a rough and tumble metalizing shop, I'd never buy a new lathe. Shop used. If it were a T & D shop, definitely new. Repair and maintenance, new, but not so heavy. Production, new and heavy. Too many variables for us, really. In my shop, if I were in the market, I don't want to go full CNC on turning at this point, but I'd consider a ProTrak:
http://www.southwesternindustries.com/swi/prod_lathes4.shtml
The last new lathe I bought was a 17 X 60 Acer. It's Taiwanese, and better than any mainland Chinese I've seen. Smooth, quiet, accurate. I'd buy another if I had the need. Jet builds a good lathe, or they used to. I haven't looked closely recently. One clue in my book to a good heavy machine is simple: Spindle hole size. The lower tier machines will have a small hole, and that means small gears and bearings. Not heavy. As I recall, the Jet line in the 16" series has a 3 1/4" hole. That's a good sign that the heft and durability is there. Of course the price is there also. That's likely the ZX series Jack refers to.
14 X 60 is a little bit of a stretch. Long, for the swing. That will limit the choices. Going up in swing will run up the weight, and the cost, but will give a better machine.
I'm partial to IR compressors. For a blasting application, a screw pump is recommended.
http://www.northernsafety.com/Produ...Screw-Air-Compressor-Total-Air-System-Package
A dryer is necessary for a blaster also. Really, any name brand should be all right, Quincy, IR, Curtis, Atlas-Copco, Eaton, Sullair. Best bet is to find one that has local distributor/service center.