A few years ago I bought one as an upgrade to my Central Machinery 10 x 18 inch 5-speed 1/2 HP benchtop lathe.
The only modification that I made was to replace the PSI pulley. Although the current ad for the PSI conversion kit says it has 3 belt positions, the one I got only had 2. So I replaced the PSI pulley with the 3 belt position pulley from the Central Machinery lathe. The 3-position pulley was sloppy on the motor shaft so I simply built up the shaft with a couple of wraps of aluminum tape.
Although it worked perfectly, with the tools and improved skills I think I would have done a little measuring and using an appropriately sized transfer punch as a mandrel, I would have turned down some HDPE or other plastic to make a more proper adapter sleeve.
All in all though, it was a good upgrade for me, 3/4 HP instead of 1/2 HP and the variable speed was a real blessing. It worked well and served me well for quite a few years until I upgraded to a standard variable speed (Jet 1221VS).
It has been a few years, so I don't know for sure if anything has changed with what comes with the kit from PSI, but that's how things went for me. If I were in the same situation, I would do it again.
Regards,
Dave
PS I think I might have also used a piece of wood to make an adapter block for mounting the speed controller in a convenient location on my lathe table.