[EricH]

We did that last year, picked up a used Craftsman Atlas lathe for the shop. We've made some tweaks to it--it came without a cover for its belts, so we found a used one, picked up a new chuck for it, and one of the other mentors spent last weekend removing slop from one of the control handles. (It did come with a nearly complete tool set, too. That was nice.) It didn't take us more than a couple of weeks to put it to good use.

We're in about the same position you're in: Couple of bandsaws, welder, drill presses, grinder(s), table saw, plenty of hand tools, and now a lathe in one corner of the shop.