Get the 6 jaw chuck. I have collets that I use every 10 years or so and then only one or two collets. The 40 inch bed is the only possible choice if you have the room. The NSK tapered rollers and better are more than you will ever need and as a general rule, you get what you pay for and it is almost always better and cheaper to buy the good stuff new rather than having to try and improve what you have. I have a Sharp 1340 VS. I bought 9 years ago and it is my best investment. As an additional comment I have to point out that with what we are doing, spending huge amounts of money to get absolutely perfect results is questionable. A $150 live center will work every bit as well as a $400 precision live center. A Hardinge tool room lathe can do more accurate work but we are working with wood . In the end it will be the quality of the work you do that will matter the most and after a certain point the precision quality of the tools becomes irrelevant. If they do the job right, there probably isn't going to be something that will do the job righter. Merry Christmas
Paul I'm going to get a 6 jaw chuck and clean up the face plate to match. Just need to doing everything I can to tweak the Grizzly. Thanks for the great info.