Cleanup will be important, too. A soft-bristle brush to clean off the lathe and a shop vac are handy for that. Don't use compressed air to blow debris off the lathe or bench, it spreads swarf all over the place. A good stiff-bristle carpet to get the swarf off the bottom of your shoes will help reduce (not prevent) sharp metal bits from getting into your house. I have a pair of shoes that never enter the main house, dedicated to the shop.
To repeat the caution, get yourself some goggles to keep metal out of your eyes.
Most folks who use these small lathes don't use flood coolant. For machining aluminum and brass I usually cut "dry" with no cutting oil at all. I may paint some on the last few passes to improve the surface finish. So you don't need anything fancy there. I used to use diesel as a cutting oil but it smelled pretty bad, and my shop vac still emits a strong odor of diesel. Buy a pint of cutting oil, it will last you a long time and doesn't smell too bad.
Expect to do some tweaks before you get good results. The gibs likely will need some adjusting, and the cross slide nut adjustment can be a little tricky. Same with the split nut/lead screw alignment.
Have fun, it's a great hobby!