Not trying to discourage you but if that one is out of your price range you need to save up for a while longer if you want something to be able to turn stock wood into cues with.
You might consider one of these ...........
http://forums.azbilliards.com/showthread.php?t=133351
It's what I have and I've made some old one piece house cues into some nice looking 2-piece cues. It's not really designed as a cue making lathe, it's a repair lathe that can be used for basic conversions, etc. though.
Also remember there are several hundreds of dollars worth of parts/pieces/drill bits/taps/drive sets etc that you will also need to purchase just to be able to effectively repair cues, let alone build them.
If I were to purchase a lathe more specifically designed for
building cues, I'd buy one of these in a heart beat ..........
http://www.cuesmith.com/index.php?menu1=menu_lathes&page=cue_lathe_deluxe
Good luck.
Trevor