David,
Wonder over to Home Shop Machinist for some thoughts/feedback on what to buy.
I had hunted for a few years for a metal lathe. Finally found an "old iron" USA Leblond (built in 1942). It was too small (13" swing), had a tiny bed (only 18" between centers... it was built for Liberty ships, to fit between bulk heads). So it was just the "wrong machine" for what I imagined. Irony is almost 20 years later I'm still using it and never bought a bigger lathe. So remain flexible.
With a Telescope and mounts, I suspect most of your machining will be aluminum (6061).
The small G9972Z 11" x 26" Bench Lathe w/ Gearbox for $1600 isn't a bad starter deal. Buy it, and get to making parts. You'll still learn a lot and as time goes on it might be fine for what you need.
Since you are hanging out here, look into what machines people have fitted a CNC control to. I'd look there first for tips, and if it looks like that machine has been retrofitted, it will give you more options.
Nice thing with a lathe, usually you can resell it for 60% easily. So $1000 is reasonable, so if you upgrade in three years it only cost $200 a year. Nice a bad deal.
SInce you looked at the southbend, you might want to look at
G4002 12" x 24" Gear-Head, Cam Lock Spindle, Gap Bed Lathe $2600 machine, but should last you a long time.
I bought my 13" Lebond for $1000 in '95. Admitted we've had bit of inflation, but I could sell it for $1200 today. Catch is old made in USA is hard to find unless you are in the North Central or North East. I'll scan ebay and nothing for a year.... boom, then five lathes appear!
I've been at this for 20 years, and still have lots to learn.
Also post up your location. You might have a fellow machinist in the neighborhood.