I know there was another thread like this on here with a similar model lathe. but for buying a first lathe, and for the small elmers engines, would this be a good lathe. it does do threading 12-52. 7" swing and 12" max length. and comes with change gears. small enough to put on a benchtop.
http://www.ebay.com/itm/G8688-Grizzly-7-x-12-Mini-Metal-lathe-New-w-Warranty-/271079606632?pt=LH_DefaultDomain_0&hash=item3f1d9a8968
http://www.ebay.com/itm/G8688-Grizzly-7-x-12-Mini-Metal-lathe-New-w-Warranty-/271079606632?pt=LH_DefaultDomain_0&hash=item3f1d9a8968