No, not really. I have 2 of them I bought for a few hundred and you can do a lot with one, it's a real lathe. Make parts, joint protectors and so on. If the price is right and it comes with some extras you may want it anyway to fool around with. You will find a use for it.
I drilled out the spindle on mine about 25 years ago and am still using it today for minor metal work. I am not in the shop right now to check, but I think I drilled it out to almost 5/8".