You could knock a hundred bucks off that and buy the next lathe down, the Turncrafter Plus, AKA Harbor Freight Benchtop. I have the HF one and it's great. Not much swing for bowls, but if you're only doing pens and tool handles and such, it's nice.
Or scour Craigslist for a larger lathe used. I wouldn't spend the money for the pro just because it doesn't really bring anything to the table feature-wise.