I know some people will be giving me flak about this, but seriously consider this one
http://www.harborfreight.com/7-inch-...the-93212.html
Now before we start a flame war here, I want to mention the pro's and con's.
The pro's
Small easy entry machine
Handles FRC shaft work just fine
Can be equipped with a dial read out on both axes for around 50 bucks
With a dial read out this lathe can hold 0.001" no problem(without pushing it)
It comes with more set up tooling than you will need
It is going to have a hard time severely maiming the operator
The con's
It is really only useful for Aluminum and plastic, steel takes some TLC to turn
It does require more basic maintenance more regularly
You are going to have a hard time doing large stock
Most of the extras it comes with are difficult to work with or will not last very long
I have used this exact model lathe to make parts for our competition robots and it is a very serviceable machine for smaller parts. If 1678 had no lathe and we could buy one of these and some choice extras on sale I would do it in a heartbeat.