Check the fibre gears first, that they are in good condition.
Change the head stock oil, and the gear box oil if it had the screw cutting box. Some did not have that. Make sure if the 3 jaw chuck is on spindle, that you hold something to keep the jaws locked. The jaws have been know to come loose when run without clamping something. Like a bit of 1/2 round bar etc.
Be careful of what you watch on youtube, plenty of cowboys out there. As a minimum wear safety glasses at all times. Always think safety , and always keep your left hand on the left hand side of your body. Do not get into the habit of your left and right hands crossing the centre line of your body. That is one of the major primary cause of machine tool accidents.
As for the cue making side of things, get Chris's book. It has a good basic grounding of what you need to know. Getting a good quality Quick change tool holder is a real time saver. For wood working , the Aliminium grade of sharp ground insert(Not the pressed only ones) will work really well with very consistent results. If you find them cheap, PCD (poly chrystaline diamond) inserts are awesome. Sometimes see these get sold off cheap like normal inserts by auctioneers who are not in the know. MAking things like a collet chuck is both a great machine tool learning exercise and experience, but will also ensure that the inner taper of the collet adaptor will run as true as possible.
Not sure what you have for measuring tools, buying a Noga Brand DTI stand will be an investment you will never regret. The next best value for money is a low pressure DTI, that will not mark the work piece with a Ruby stylus. The low pressure ones are generally the ones with the long stylus like 36mm long aprox.
Hope this will help you.
Neil