Wow, you are going to LOVE this lathe. The electric motor carriage and cross-slide power feed system is magic... you can set it up to creep along at 1 cm per minute, or slower, if needed, everything is independent of the spindle. And the thread-cutting system is wonderfully engineered... it has automatic kick-out, you never disengage the half nuts, but instead, "move" the carriage right or left with the upper lever. You can thread right up to a massive shoulder and the tool tip[ will automatically stop inside a 1mm wide thread relief.
The Hardinge taper nose is proprietary, and tooling can be expensive, but it's available. I'd get a 3 or 6 jaw adjust-true chuck right away, along with a nice set of 5C collets.
Maybe 15 years ago, I restored a really worn HLV-B, not as nice as what you are doing. The paint wasn't the problem, but bed wear was. The good news is that you can detach the entire dovetailed way from the base casting, and have it reground if necessary... it is VERY hard steel. I had to do this, and the dimensional change of the way caused me all sorts of grief, but in the end, it now turns true and is a joy to use.
If you can afford it, NOW is the time to add DRO, which makes it even better. The lathe's accuracy calls for an X-axis resolution of at least 0.0001" or even better. If you have to wait to add a DRO, it'll be a tougher job.
Good luck!