I would buy a quick change type tool post. and get some incerted carbide tooling for it. Use a 370 grade for general turning, try to buy your tooling US made the import stuff is junk and if you are just starting out you need to have tooling that will repeat if you break one and need to chane in the middle of a job.
I started with a 12" Atlas fladbed and now have a 14" Rockwell and a series 1 Bridgeport in my front garage that stay busy making money for me.
You will find all kinds of things you can make with a lathe here are a few pictures of the machines and some work I have done with them.