@oregontripper I'll just answer the questions you asked without reference to the other answers, so my apologies for any duplication.
1: 3 phase - Ordering the 3 phase unit makes great sense
if you have 3ph already in your shop. If you don't it will become an obstacle to your quickly using and enjoying your purchase. You 'can' jury rig' a lathe for 3ph using a VFD, but it wont work the way it was intended nor will it be easy to use. The 'best' way to hook up a VFD to a lathe is to completely rewire the control box. It takes time and electrical skills but is very rewarding when complete.
2: Toolposts - this is a religious and super hot topic... I have and use regularly 4-way, American Rocker. Aloris wedge, and offshore Piston and wedge clones. I've used Davidson and Multifix from time to time also. Each has a different pattern of use, but each has advantages and disadvantages. If you are experienced in a particular style, get that style. If you are just starting out, there's a long discussion that can go with this topic that should take an entire thread.
3: PEP package - Since you are buying it only once, get the best chucks you can afford. That's where you will easily see quality/crap. A 4 jaw chuck can be your economy one if you have to save money. It is way more expensive and more noticable than a toolpost or any other lathe item....
4: drill chuck - I'm going to get flamed for this, but here goes: Consider a name brand
keyed chuck. You can leave the key in the chuck 100% of the time... It holds better and releases better than any keyless chuck, and doesn't suffer from the newbie problem of seating the drill all the way down before tightening it. This can reduce the hold on the drill bit, and can damage the chuck as it self-tightens. I've use both kinds for over 40 years, and the keyed isn't noticeably slower, and cheaper to get good accuracy. I love the old Jacobs superchuck if you can stand .004 runout, or their ultra precision chuck, which is around .0005 or .001, I can't remember. I also have Rohm chucks which are quite good.
5: DRO - A DRO is a nice to have on a lathe, but so far, none of my lathes have one. (nor have I needed it) (!!)
6. Mic Stop - Get the micrometer stop. When you've used your lathe for 10 years, you can learn to depend on it for improving your Z accuracy; and a DRO only covers part of that territory. Some guys never use them, but I use mine quite regularly. You set it to get a shoulder where you need it, and use the hand feed at the very end of the cut to go to the same shoulder, repeatably. Saves a lot of time, and is the only way to do this repeatably, short of an electronic lead screw.
7. live center - yes.
8. cs lock - a problem on several lathes I've used. you get used to it.