I'm new here, but thought I'd add something to the discussion. I recently bought a Grizzly G0462 lathe. When I assembled it, I aligned the head and tail, only to disover they were off by about 1/8". Now, the headstock does swivel, so that was easily fixed. But in the preset position, where the head snaps into place for turning over the bed, it was off. The biggest problem is the tool rest. It is very light weight and vibrates badly. It is also 12" long, which is of course not good for turning pens. I contacted Grizzly to see if they had an overall upgraded tool rest, or if I could buy an additional, shorter rest. Got a very brief reply stating that was all that was availble, and any attempts to modify it would void the warranty. They just didn't seem very helpful.
I guess the lesson is, buy cheap tools and live with the consequences! I probably won't buy much from them again, myself.