I finally got around to doing just a little bit of putzing with the lathe today... I put on a new flatbelt, and mounted the brand new chuck that came with it.
The plate the chuck is mounted on appears to be .0025" excentric. If I set it to zero in one spot, it cranks out to .005 180* around the plate. But, if I zero it 90* to either side, I wind up with +/- .0025". After mounting the chuck, I re-ran the test on the narrow pass between the chuck jaws and the tightening screws, and I get the same results, +/-.0025. So at least it appears I have the chuck mounted nice and square.
I'm not sure how much this should concern me... Though, I'm guessing probably not terribly much... .005" is one third, of one 64th of an inch... I don't foresee needing that kind of tolerances any time soon...
I don't appear to have a chuck key, and the size is a little odd, so I can't slip anything in it at this very moment. No big worry, I'm a blacksmith, a chuck key will be easily made. It's just between 3/8" and 1/2" so I don't have anything I can just cram in there to fool around with it immediately on hand :P
I've been watching videos on techniques, and tools, and parts I can make for my lathe, on my lathe... I've got quite a few projects in my head already :P I'm also considering using my lathe as an end mill.
I've done some reading, and the big problem with using a lathe as an end mill appears to be that the tool rest isn't rigid enough to support the piece adequately. (As well as having a limited range of movement up/down) But, I notice my lathe has something no other lathe I've seen has... great big honking T-slots on the apron on either side of the valley, and on either side of the tool rest. (though, the far rear one is broken off... ouch...) But this would certainly be sturdy enough if I could figure out a proper design...
But that's a far off project. Of more immediate concern is the steady-rest on my lathe is thrashed, and I'll need to make a new one. But, my first project, when I get around to it, will be making a new arbor for my 1950's 13" Craftsman bandsaw, as the section that holds the v-belt drive pulley is stripped on mine.
Of even greater concern I guess... is figuring out how to level the damn thing on my horribly uneven concrete floor... I understand lathe's need to be as close to dead level as possible... and that's gonna be tough to do... especially given there are no adjusting feet on the lathe.