If you really want to get started with repairs, contact Chris Hightower and he will get you going with something that will be what you need. Trust me when I say it is better to spend more ONCE than it is to try and save a bit, then have to buy again. This way you will not go wrong. I know all about buyers remorse and "man, wish I would have bought that" or "I hope I'll be happy with this". When I bought my Wilton for 3k the very NEXT day a Clausing Colchester came up for the same price, with lots of tooling, collet closer.....ect, 3 miles from my house!!!
I know ALOT more about machines than I do now, and I thought I did my homework back then.
Based on your questions, I suggest you trust Chris to guide and sell you what you need.
It's funny because I was going to call about that lathe, but if it can't turn at least 36 between centers, it won't work. With the tiny spindle it wouldn't be good for anything else either.