One other thing you may, probably, already know is the general "No Gloves" rule*. Better cold or dirty hands than no hands.
As for the mini lathe, as others have said, it will be a project itself to get it fit for use (and that would be the case even if it was in pristine condition) but it will teach you an awful lot (I speak from recent experience).
If you're into the idea of machine fettling, modification and upgrading, then you'll enjoy yourself tremendously getting it up to scratch, and as I said, learn a lot.
To learn what you need to know, I'd recommend binge watching the Blondihacks channel on YouTube.
Particularly these playlists:
If you've never even touched a machine tool before, but want to learn, start here!
youtube.com
This is an educational series to help you learn to use your metal lathe. Watch them in order for best results! Satisfaction not guaranteed, especially if you...
youtube.com
These two playlists should give you a good grounding.
For mods, fettling and improving the mini lathe, the following few YouTubers' channels are worth watching:
We Can Make That Better
Steve Jordan
Artisan Makes
If however, you're a goal orientated type of hobbyist, who is less interested in the tools and tooling, but more in what you can
make with the tools, then any mini lathe may well be a frustration to you and you'd be better off either with a new larger lathe (maybe something like a 9" swing lathe, the Chinese machines seem to get better the bigger the swing) or a well looked after, used 'old iron' lathe (something like one of the smaller Craftsman or Atlas or Southbend lathes) or maybe, if you really want a small,
small lathe, a Unimat, Hobbymat or Prazimat lathe. There's apparently a reasonable supply of these little, well-made European lathes (that seems to be the 'inspiration' for the modern Chinese mini lathe) on the used market in the States.
*
Up until recently, I used to wear the very thin nitrile medical exam gloves (they would snap, tear or break well before they dragged a hand in) to keep cutting oil, other cutting fluids, etc., but given I was chucking multiple gloves away every time I was in the workshop, I started to feel bad about the waste and damage to the planet so I stopped.