I just re-read your intoduction to the forum. I believe that this lathe might be a little limited, even as a place to start.
That said, you will learn some valuable things if you spend some time getting it going. AND: having more than one lathe may have some benefits.
Can you give us some idea of where your skills lie at the present time and what other tools and measuring equipment you have?
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I would start by seeing if you can get the motor hooked up and the lathe running to see how smooth it can run. I would take it out of the metal pan and make a base to mount the lathe and the motor together.
On the tool post, I would see if you can replace the toolholder mounting bolt. I think it might actually be a stud. If your lathe is a certain vintage, it might be whitworth thread, the other options are imperial and metric.
Get some 1/4-inch toolbits and see if you can mount one so it is located at center height. If It is too low, you can probably make a riser block to get it to the right height for testing purposes.
On this lathe, if you want to try cutting metal, I suggest starting with brass or aluminum.
--ShopShoe