We have one of those combinaton mill/lathe things for the Lab at work. It probably wouldn't even make a good boat anchor. The swing of the lathe, that's the distance from the center of the chuck to the nearest thing it will hit, is about 6", almost cut in half if the carriage gets under the chuck. I use the mill to square off cubes of metal that were cut on a saw, just refacing and squaring up the edges; .050 cut stalls the thing out.
Take your time, go to auctions or going-out-of-business sales and buy something old. You just can't buy a good solid poured steel frame piece of equipment nowdays. You can update it with digital readout and all the chachkas, but a good solid base is hard to beat.
Bridgeport is one of the better names in mills, mostly because of their versatility. The head can be tilted, hold mills, chucks or a collet chuck. Because of their popularity hard to come by.
Think about what you're going to be doing with it and then add 25%. It's easier (safer) to make a big machine to smaller work than to overwork a small one. A speed lathe is one that holds collets and can sing along at about 4000 rpm, handy for smaller parts. Nice to have but not a necessity. Brand names like LeBlond, Cincinatti, G&L carry spares and expendables going back decades. A good quality machine will always be a good quality machine, the is/was hermaphodite Chinese stuff can't ever be.
Don't be scared off by the older flat belt drive units, yeah they look all Dr. Seuss but even 90 years old they can still cut within .0005
Dan
Materials Technician
Quality Control Inspector
Tool Maker
R&E and Prototype machinist.
Look for places like this: http://www.govdeals.com/eas/catSelector.cfm?mycat=65&sortoption=ad&startrow=1
Edit: Just for S&Gs I typed lathe in the local CL search, came up with a surprising number worthy of looking at.
http://albany.craigslist.org/tls/1097901049.html
http://albany.craigslist.org/tls/1119207844.html
http://albany.craigslist.org/tls/1117494478.html
http://albany.craigslist.org/tls/1099675957.html