[sanddrag]

For the small additional cost, I'd recommend the 44836-2VGA drill press, to get the bigger swing, the rack and pinion, and the 12 speeds. I would swap the chuck for a 1/2" one from LittleMachineShop though, as the 5/8" one that comes on it doesn't go down less than about 1/8". What's nice about this drill press, is it has an MT2 with tang drive spindle, so you can put in large taper-shank bits. It has been on sale for $99. I picked up a floor model for $65.

For a lathe, I'd highly recommend the 44859-1VGA "8x12" (actually 8x14) over the 7x10. It is physically about twice the size, and a much more powerful and higher quality machine. It often goes on sale for about $540.

And remember, there is always a 20% off coupon out there for Harbor Freight if you look around.