I'm a farmer also, here in the states we don't retire though (Grin). Self taught machinist - its the best way. You learn a lot more making your own mistakes. I'd suggest you get a couple how to books with pictures. "Machine Tool Practices" is one I have, many others.
I'd put the Z axis on the quill, its the one you'll use. I just have a two axis DRO on my mill and an el-cheapo digital scale made just for the quill. No need for three axis on a lathe
I use a big welder and very big sledge hammer to repair my farm machinery.
Good luck with your new endeavor.
Karl


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