Welcome to the club Michael
.
MPWR has given some really good advise. Especially about the adjustable zero handwheels, I so wish my little Sieg CO came with them. But you know what? I work around it and one day I'll add DRO to my little baby. The big thing I think is to get in and have a go.
I would say to take your time, spend what you can comfortably afford and set aside a ton of time to learn how to use the lathe by turning metal. It's a very addictive hobby, at least in my case, but oh so much fun. I'd also advise to stash a bit of cash aside for more bits and pieces, you'll soon see what you need once you get started.
In my case I didn't think about setting aside a space to work in, good lighting, a cover to keep the stupid cat from dragging swarf all over the bench
and a case to put all my bits and pieces. Oh, and I just thought of it a nice digital caliper is a super piece of kit.
I know very well what it's like to start out knowing nothing about machine tools. But once you get started it will all click and you're in for a great time. If you get stuck, just ask a question here as there are plenty of very experienced guys to help you out. I know that they have helped me heaps.
One thing you might find helpful is Model Engineers' Workshop magazine. I've found it to be great for describing all kinds of machining operations.
I hope some of this is helpful. Take it from this newbie, " Come on in the waters' fine
"
Dan