Try to get some training on the safe and proper use of engine (screw-cutting) lathes. Lathes can be very dangerous if used improperly!

I don't know about Michigan, but Minnesota has an extensive state-wide Vo-tech school program that includes Machine Tool Technology classes at many locations. I attended night school in St. Paul for two years before buying an engine lathe in 1982. School provided proper training and an opportunity to work on my own projects as well as the class work. I ended up buying a new (1982) Austrian-built Emco-Maier Maximat Super 11 (11"X25") built to DIN standards, and I still use it today.

School will also give you the background to be able to distinguish between features and options that you may or may not need when you purchase your own.

If you happen to have some extra money lying around, consider this:

http://www.hardingeus.com/index.asp?pageID=63&prodID=29

BTW, last year's purchase price was around $43,000.00. I can't afford it either.