Ive been stymied on projects repeatedly by my inability to make large cylindrical parts into smaller cylindrical parts with a hole in the middle (bushings). Does anyone have any wisdom to impart on the potential purchase of a sub $500 mini lathe?
The challenge thanks you!
A buddy of mine got a mini-lathe from Harbor Freight years ago for something like $300-400 bucks. He was making RC car parts and thought that the size would be just fine for his hobby projects. As it turns out, the slop in all of the screws was horrible, so he had to really really try hard to keep tolerances in check on the small parts...20 thousands out is a huge deal on a small scale car! So, keep in mind what your goal is...if accuracy is important, you're probably better off getting an old (professional quality) lathe than a new Harbor Freight special. If you're feeling saucy you can replace crappy lead screws in a sloppy machine without a horrible amount of difficulty on most equipment, but personally I'd much rather fix a worn out old professional grade lathe than a brand new POS lathe. If you just want to make basic stuff where great accuracy isn't important, it's really handy to have one around. FWIW, making buddies with somebody at a machine shop is by far the best option if you're not socially challenged. 
Bryce
You'd be better off scouring Craigs List for an old real lathe. Few things are as frustrating as E36 M3ty machine tools.
I had a Speedway 7x12 Minilathe from Homier. (Cheapest of the mini-lathes, and 7x12 instead of the 7x10 of HF).
I liked it, but have since moved up to a Real Lathe (Logan 10x24).
Check out Mini-lathe.com and littlemachineshop.com.
A bunch of people are making cool and very accurate stuff with them.
Like all machine tools, you will spend as much or more on tooling than the lathe itself. Not so much on a mini-lathe, maybe. I spent $299 I think on the Mini lathe, and then probably $100 on limited tooling. I spent $400 on my Logan, and probably $500 on tooling so far.
There are limitations with these machines, but if you're aware of them and have the patience to deal with them, you can make some cool stuff.
OTOH I still have a HF Mini-mill, and it's pretty frustrating to use on several levels.
I would recommend the mini lathe, but probably not the mini mill.
Good luck,
James
I have a 6" Craftsman, which was actually made by Atlas-Clausing. I think it dates to the early 70's or late 60's. You can still get any part you need from Clausing. They come up on eBay. Oh, I have big lathe envy, but for most of what I need done, it does just fine.
From what my friends tell me, if you are willing to haul it off, you can get any professional production machine tool (like a mill, etc.) you want for about free in Chicago. You just need a fork lift on both ends and a flat bed truck.
Im leaning toward a mini because of space. I would love a big one, but they are all far away and usually 3 phase. What about this little bugger. http://www.amazon.com/gp/product/B000SQN29M
Is .0004" spindle accuracy good? What accessories would be needed to do up to a 3 1/4" by 2 1/4 poly bushing.
the spindle accuracy is good. 0.0004" is the runout or the largest radial distance the chuck will float when moving. The question above about slop is related tot he lead screws and the screws on the crosslide, carriage and rest. When those are out, the backlash is a bitch to deal with. Most lathes have the ability to tension these screws with backup screws.
The HF stuff may also need to be set up. My friend has a HF mini-mill, converted to CAM, and he can get <.001" out of it, like .0005" or better, but it takes him some time to clean it all up and adjust it right. He has it in his garage and the constant heating/cooling throws it off. He bought it already converted on ebay and said the backlash was way out when he got it.
I have seen some amazingly talented guys compensate for backlash by feel and get good parts.. but.. I am not one of those people.
Josh, I worked at a machine shop for a few months back in HS, so this may be something that I can actually help out with other than holding lights (and beers).
MitchellC wrote: Josh, I worked at a machine shop for a few months back in HS, so this may be something that I can actually help out with other than holding lights (and beers).
Careful what you wish for. There are at least 6 cars I have a hand in that could really use poly bushings. Work bushing boy! Work! 
And by "six" you mean six at any given time.
If you buy cheapo you'll end up with a nice collectoin of LINDSAY books on how to make good parts for said Cheapo lathe using the cheapo lathe to make the parts..
44
True, the lathe is one of the few machines that can be used to replicat itself with higher accuracy. Things like lead screws and such can be either changed out or fabricated if need be. It's a matter of time and skill vs. funds.
DILYSI Dave wrote: You'd be better off scouring Craigs List for an old real lathe. Few things are as frustrating as E36 M3ty machine tools.
AMEN! My favorite was once on a German U-Boat at the end of WWII !
I could practice my turning and German at the same time
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