I have one similar, has served me well for years. Once you have it a while, you will wonder why did you wait so long to get one LOL and will never be without one again.
Seriously though, you need to study some books on basic lathe and mill tecniques.
If you want to learn a tremendous amount of old school lathe stuff, Try Amazon ect for this book: The Amateur's Lathe, by L H Sparey.
Plenty illustrations with the text. Lotta things shown that I never knew could be done with a lathe.