Thomas, there are several considerations with the older craftsman lathes. While they are somewhat adequate for small diameter spindles, they lack the structural strength for turning anything heavy and are quite limited on diameter(swing). They are lacking in horsepower and speed options. Also, the headstock threads are an odd size, which means finding a chuck to fit can be difficult. If I remember correctly, they may have an odd taper on the head and tailstocks, or are #1 Morse taper, again limiting options. The tailstock adjuster is just bizarre, a captured wheel that cannot be spun with a handle like modern lathes. While they will do some basic lathe operations, I think you would find the limitations overcome the usefulness.
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There always seems to be numerous older craftsman lathes, mostly with the single tube style frame, for sale in various places. They range anywhere from $75-$200, depending on how complete and additional items such as tools or tool rests. In a general sense, are these lathes any good, is there any inherent problems with them, such as bad bearings, misalignment, uncommon thread sizes on the headstock? If I just want something to mess around with without spending a lot of money on, are these worth it?