i converted my unimat lathe, it is not your typical wood lathe, even though that is what i have always used it for. although i am planning to convert my real wood lathe soon. it is 50 year old unit, very heavy duty. i have aquired some thk linear bearings and am really just waiting for some ballscrews and springtime.
on my unimate i made an attachment so i could use a rotary tool on it, i will do the same on the big wood lathe. i also added a stepper to the spindle so that i could cut threads. it works very well.
It would seem to me there are so many disparities between wood and metal lathes it would be a difficult assignment. IF the wood is superhard like rosewood lignum viti[sp?] then metal cutting tooling could possibly be used.Softer wood it wood just tear up and detail,wood lath tools are used in a grain sensitive way.