Even though this thread has not been replied since 12-10-2012, I will still put my 2 cents worth.
Good on you for buying what is a hotrodders dream. I have a separate lathe/mill set up myself at home as well as everything else you can think of. I am a member of 3 machining websites which may help you if you are interested. If you can get to or apply for, do try and get into a night class for some extra learning.
Here are some other websites you can try:
Projects In Metal, LLC
homeshopmachinist.com: The Best Search Links on the Net
and Practical Machinist - Largest Manufacturing Technology Forum on the Web
All of these are very friendly websites which can help you with your project(s).
Hope this helps in any way. If you can't get onto these sites just google them and they should load you up.
Below are some pics of what I have in my shop at home.
Just as a precaution, I would reccomend making sure you are up with your safety with respect to these machines. They are "NOT" toys!!!! Always use eye protection and "NEVER" leave the chuck key in the chuck. Read any manual you have/or can get and read it thoroughly. These machines can and will harm you(both seriously and fataly) if you are not careful. However, treat them with respect and use them for what they are intended and you will have many years of both fun and knowledge to pass onto someone else.