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i bought a used one of these lathe/mills about 10 years ago,f 100$ ,, yeah i stole it, but it didnt have a 3 jaw chuck,, anyway,, when u have sparks your machines RPM is just too high, i can see that in the first minute,, u just have to change pulleys and slow it way down,,better too slow than too fast,,not a job shop here,,make sure u have a good size radius on your cutting tool,even those cheap brazed one will work if u do that, the cmmg an such,,inserts already have a big radius,,cast iron is very abrasive and will dull cutting tools faster than u think they will, check cutting edge after every cut,,other wise u might have to stop in the middle of a cut to resharpen your cutting edge,dont want to do that on a finish cut!!
Thanks! Unfortunately this particular machine's lowest speed for the lathe is 500 rpm. I am looking into a few options to address that in the future.
Years ago I did reface brake discs on an old Hillman Hunter that I was running on a shoestring, more an act of desperation. I used raising blocks of the headstock to get the swing and it worked well enough to pass the MOT test.