Welcome aboard, Mr Mechanical and congrats to your find!
I guess you'll find some tips and tricks around here.

Seems like your lathe is abt equal to (or rather: better than) the Blomqvist BS-600 Master
(of mid-seventies vintage) I have at work - a Swedish made South Bend clone.

I'll check up on your progress, and chime in when I can.

Cheers, Johan