Do it!
I got my lathe about ten years ago. Have a Smithy 12-20 LTD. Beware of the cheaper stuff out there, get good gear it lasts and is accurate and true.
I never got it to turn a profit or even make money at it. Love machining and having the lathe gave me indepentence, been a Red Seal machinist for 25 years, not a week goes by that i dont make metal smaller. Once the word hit the street i have been helping many peaple, repair and parts making. I have many projects from steam engines to scope mounts.
I can say now it has payed for itself at least five times over.
As for info the internet is a great source now, and ideas for projects as well.
my only limit is my imagination.
be safe
need help ask.