Unless there is a bunch of tooling included, it would not be a good one for me at anything near that price. I don't like the drive arrangement and the headstock looks like it may be MT1. I think you can do better for that amount of money.
there's a Jet mini on craigslist in Suffolk, VA for $325
would be better than that lathe you posted.
Only the back of the pulley is open, but you have to be careful I'd you put your hand in that area.
A couple other things that I forgot to mention. You'll probably have to make a handwheel using a faceplate if you want one.
Also, the gap bed can be frustrating for pens. You have to use a long tool rest to get under the pen and the tool rest often isn't straight along the pen.
Congrats. Your first lathe, right?
Keep an eye on eBay for the other banjo I mentioned. It might cost you a little bit but if you're going to keep the lathe a little while it may be worth it.
Yeah I don't think I am gonna start turning pens right off the bat, seems maybe a bit intricate to start with, I got a few things around here I need to make for myself, various handles for things.. knobs. etc until I get the hang of this thing.Cool.
There's a good chance whatever tools you have will be mediocre in steel quality but probably still very usable.
You'll need to consider how you will sharpen.
Obviously for pens, you need other pen specific tooling.