In what little time that I have :-
1. Had the same-ish lathe
2. Had time to use it
I have been reasonably satisfied with my 'secundo mano' machine.
Going through my accounts, I am surprised to find just how much more money that has been spent in bringing it to what I expect in lathe- with almost 80 years of playing with the things mechanical.
What there is is the expected measurements in a model maker's 7 x 16 on the internet and perhaps more importantly, how to carry out these tests. I like Georg Schlesinger who sets an accepted standard on 'How to do it' As Baz suggests, there are lots of sources of advice on how to overhaul and modify a similar lathe. You'll be surprised to find just how different it is to actually have to put your hand into your pocket book which the college lecturer and the guy who stands at somebody else's purchase-- and makes his deliberations often out of the 'belly of abysmal ignorance'
Consequently, I bought what I consider the 'essentials' such as a 4 jaw independent chuck and a faceplate and ear marked the purchase of a new three jaw that hadn't been abused by a previous user. Again. I bought a fixed steady rather than make one. I'm a very cantankerous old so and so but before romping off to buy a qctp affair, I bought a set of collets and a collet holder. I can make a tool turret whilst the average three jaw chuck is not quite as accurate as one would want-; or eventually, aspire to..
You will notice that I have made no mention of lathes which are held vertically and called milling machines or such.
I recall, despite being just able to read, that the lathe was 'the King of Machine Tools' and my only alteration is to qualify that with the suggestion of adding the essentials mentioned above.
Have fun
Norm