Steve, I don't know anything about that particular lathe, but it sounds like a bargain to me. My metal lathe is somewhat bigger than that but I'm very glad I got one. Depending of course what you intend doing with it, here is what I considered before buying.
1. Unless you have loads of money to spare, most of the metal lathes available are Chinese clones of well established brands. At first this put me off. Now I'm quite happy.
2. What accessories are available? Can you get a decent 4 jaw chuck?
Are the morse tapers standard? Spares and service? Can you get a vertical slide vice for it?
Edit in; Here's a link to his site. Although primarily for a 9x20, there is loads of cool ideas.
http://bedair.org/9x20.html
3. Tool post. Will it accept 'better' quality bits than the cheap starters that you often get with it?
But all being said, the ability to make bushes or even your own kits is a great reason to get one. Go for it.[
] I have mentioned this guy before, but google Steve Bedair. He has an awesome site and great links to other sites. There is nothing worth knowing about metal lathes that you can't find there. [
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