My Dad was a Machinist, and after he passed I had this urge to have a Metal Lathe. I bought a Grizzly 10x22 with the DRO. I have had it now about 8 to 10 years. Its kind of a 'cheapy" as metal lathes go, but works for me. It is definitely a learning curve. I still have a lot to learn...a whole lot. There are some guys on here that are really good and helped me along the way. There is some crossover in equipment, tho it maybe be different sizes, for instance, the head stock is 8x 1 3/4....my laguana Revo is 8x 1 1/4 and I still have a bunch of 8x1 stuff and a Rikon lathe that is that size....Rick Herrell made me a bunch of adapters and I can run any of my stuff on anything....it's cool. Rick is the best.
I used the metal lathe to make a tool rest that fits into my tool holder so I can use my lathe chisels. I do not have a mill, but when I needed a flat spot on a tool, I just filed it away. Certainly not a fast or precision way to do it, but it works for what I wanted. Similarly I had 11 drill chucks....the tail stock is MT3. Everything I had was MT2. There were adapters for pretty cheap and the work just fine....but were a pain to get off, so I just dedicated some to them. I eventually bought an MT3 drill chuck that is a monster, and works like a dream, so I use that a lot.
I still do not thread using the lathe, I just use taps and dies...for what I do, I have never had an issue. and it is easy. You can buy some great set ups to do that.
Even when I am making just regular old pens I use it a lot. I have one of those mandrels that has one end with the 8x1, I mount my tubes onto that and turn them down to a little over the bushing size.....it is easier and faster and you are not standing there with your tool, being so careful. Now keep in mind I do almost exclusively acrylic....then I could just put in the tool rest and finish it right there, but my lathe only goes to 2200rpm and the height of that tool rest that way is not adjustable, so my laguana is right next to it, so I just ove it over to it to finish. I can be done with a pen in just a few minutes and the metal lathe uses or I should say I use replaceable carbide inserts and you can take off .070 at a pass, and that is figured for one side, so u are really taking off .140 per pass. Others have told me that is a lot of messing arond, but with that carbide insert it is so safe I have seldom broken a blank anymore and very quick.
I also drill on it...my laguana is a "haevy lathe" and feels secure when drilling, but not like a metal lathe. There is a precision to it that just feels more secure....no holding the drill chuck, worrying it is moving a little bit.
As for learning, I was lucky, I knew some of my Dads old friends from work that I could ask to teach me. But honestly, with your experience and a couple of you tubes you can get the general feel and start turning...it has a LOT of similarites to your lathe. And honestly a lot of differences too, but similar enough to get started. You can do this and with this forum, you got it made. When I got into trouble, I have also called some guys here, while standing in front of the lathe.....just ask somebody, I have never had a member refuse to help or give me their cell number. You can certainly call me, but I am still learning and maybe not your best choice, but I will help with what I can.