I`m in the same situation and have made some obeservations..
If your happy just doing tips, ferrules etc. Then get a basic repair lathe from Todd.
If making shafts from blanks/dowels is something you really want to do (and not just contemplating...) you will have to spend more money. You will need a lathe with taper bars and the possibility to mount a router.
That`s gonna cost you a lot more. Lathes like the Deluxe cuesmith or midsize cue smith is what you need and when your spending that kind of cash, you might want to spend the extra cash to be able to do live threading, so you can get super crisp threads in all kinds of pitch.
Now we`re talking around $3000 vs Todd`s $700 repair lathe.
So once you want to do tapers and such, the price increase is quite dramatic.
If you just want to have fun and do small stuff it might be a good idea to start out with one of Todds lathes and if you get into it, you can sell it and trade up or keep the small lathe set up just to do tips, while your "big" lathe can do the more complex stuff.