What kind of lathe body are you going to use?
My advice is to have 2 motors, a sewing machine motor for putting on a wrap, and a penn state variable motor for the normal sanding etc. The Penn State is a 1/2 hp motor, which will be needed for sanding jobs. A sewing machine motor has the foot pedal for applying a wrap, with torque, in shorter spurts than if you were to try sanding with it.
I have a wood lathe for sanding, with a penn state motor, and use it for sanding. When I have a wrap to do, I then attach a sewing machine motor to the toolrest holder and disconnect the penn motor so the spindle spins freely. I then attach the belt from the sewing motor and run it across the spindle of the lathe. It works well for me. If I remember, I'll take a few pics tomorrow and post them.