I too had one of those. I believe mine was a tad lighter blue though. It isn't worth $99 brand spanking new if you wanna know the truth.
And yes, when you tighten the tailstock down, it bowed up. I made a torsion box and screwed it to the base to stiffen it up. That helped, but didn't totally cure the problem. It's just stamped out sheet metal after all... Finally the spindle bearings slid out of the housings, and I just gave up on it. Sold it to the local ReTool store and got a drill press instead.
I turned a few things on it, then moved up to another piece of crap (HF 1236 - pardon me if you have one and love it), and finally bought a Jet Mini 1014 (with extension) for about $250 (after rebates). Turned LOTs of stuff on that. Now I have the Jet 1642 and enjoy it, but dream of a Robust or Vicmark, or Oneway....