i'd say save on the home made and go with a mini metal lathe, the micro-mark 7x14 is about the same price and you get a cam locking tailstock and digital readout:
http://www.ares-server.com/Ares/Ares.asp?MerchantID=RET01229&Action=Catalog&Type=Product&ID=82710
or for alittle cheaper a than the one you looked at without the camlock, digital readout and acouple less inches between center theres the Cummins 7x12:
http://www.toolsnow.com/browse.cfm/4,876.html
http://cgi.ebay.com/5278-Lathe-Meta...39:1|66:2|65:12|240:1318&_trksid=p3286.c0.m14
the only real main disadvantage on the mini metals is the 20mm through hole, which is about .78", though they say it can be drilled out to like .80" - like .81", either way it is too small to accomidate a .83" - .90" shaft joint or butt for joint work.
or anouther option, talk to Todd, he was tellin me the guy he sold his hightower too was talking about selling....