I started out with a Jet Mill Drill that uses R8 collets and a 6 inch atlas lathe you had to manually change gears to change speed and cut threads. Then moved from the Atlas to a South Bend 9x24 with quick change gear box. I was in heaven. But I have found that the South Bend is lacking in two areas. The hole in the headstock is only 7/8" limiting the diameter that I can put thru it. Currently you are looking at doing "little stuff" but that can change quickly over time and you can't make the headstock hole larger. The other area that is a problem is the length of the bed and travel, currently about 20" if I push it. I have not done a number of things over the years because of these two limitations and instead paid to have them done by someone else when I was more than capable. My advice is buy as big as you can afford (10" with 1.5" hole in the head stock and 24-36" bed). It should have a quick change gear box. A 3 jaw chuck and 4 jaw chuck and a set of collets is nice for smaller items. My jet drill mill has worked well for me over the last 15 years or so. As others have said finding used with lots of extras is a must unless you have deep pockets as building up what you need will double the cost of each machine. One last thing. If buying used find a machinist and have them go with you to check out the machines. They will know how to check things like backlash and runout.
Oh and if you have to move the machinery you will find the number of friends you have to help reduces proportionately based on the weight of the equipment. Speaking from experience some won't even answer your phone calls in the future....LOL...
