A 14" x 40" metal lathe is the ideal cue lathe, as long as the through bore is atleast 1.417"
Offsetting the tailstock for tapering is very easy, just make sure you have a alignment rod, so you easily can get back to zero.
Making a taper bar is not the most complicated thing, Bob Dzuricky has a basic description on his side, or you could get the Deco taper bar system.
I highly recomend a quick change toolpost (BXA is fine) have a toolmaker make you a horizontal and vertical router mount that fits right on your QCTP, that makes setting up for tapering or threading a breeze.
6 Jaw chucks are nice, but a properly dialed in 3 jaw, will work just fine. Get a quality live center and a few good drill chucks.
DRO makes life even simpler, but it`s by no means a must.