Hey MadMax do you have the C6 Profile loaded in the Mach3 folder? If you do and you have the motors and encoder pluged in, (and have done a Mach3 driver test) You should be able to "Plug&Play". The Lathe is pretty simple to setup and run. The Syil C6 profile has every thing configured and can be downloaded from their site. Open Mach3, Click the reset button,open the manual screen,click on Home Xaxis _Home Zaxis and its ready.
If you haven't already, you should go to the Mach website and download the PDF Mach3 Pro Turn Manual and go to Kinkos and have it Printed. It will tell you everything about The Control Software. And that is what you need to know. The Lathe will hold .0005 if you know how to make it do it. "Keep Things Oily"