I started by messing with all the dials with the late turned off. It was like this...."Hmmm, when I turn this dial,
this happens, when I spin this handle,
this happens."
Register on this website:
http://bbs.homeshopmachinist.net/index.php
Buy this book:
http://www.brownells.com/aspx/NS/store/ProductDetail.aspx?p=18158&title=HOW%20TO%20RUN%20A%20LATHE
This is another great book:
http://www.amazon.com/Amateurs-Lathe-L-H-Sparey/dp/0852422881
Single point threading is a process that takes some learnin' for sure, but it's awesome as hell to thread a piece correctly and have a nut screw right on. Both of the books I mentioned should cover it in detail. You are gonna wanna ditch that lantern tolpost and get yourself an interchangeable toolpost. I have a
KDK toolpost, and I like it a LOT. Quick change toolposts save you a lot of setup time when changing tool bits.
That indicator scale lets you know when to close the half nuts when threading. To do different thread pitches, you put the A-E and 1-8 levers in their proper hole according to the on top of the gear box, it probably says "threading chart" on it. You will learn all about this stuff, including grinding your own HSS lathe bits in either of the two books I mentioned.
You should mess with the levers on the cairrage a bit. One lever will be a selector, that will select how the cairrage or cross slide moves when you engage the clutch, which will be another lever. Move the cairrage to the middle of the bed and turn the lathe on, mess with the levers a bit. Se what happens. Don't force any levers into position. Don't close the half-nuts with the clutch engaged.
Whatever you do.....Now listen to me here!!!!!!!
Never leave the chuck key in the chuck if your hand is not on it!!
Not even for a second!!!! If you ever get that chuck key whipped into your face, amidst the bleeding, spitting out teeth and/or unconsciousness, you'll remember that guy on the introweb who told you to
never leave the key in the chuck! All of this is but the tiniest smidgen of what you'll need to learn to get the full potential from your lathe. Oh, yeah, order a catalog from these guys too:
www.use-enco.com
Start saving your money, lathe tooling, even used, does not come cheap. Well, it may be super cheap compared to the price of 'new', but it still ain't cheap! There used to be a lot of good deals on ebay. Enco has monthly free shipping promotions for orders over, I think, $49, maybe it's $99, but free shipping is the savior when you'e buying a 45 pound chuck!
For a little info on what it takes to cut threads, read this:
http://www.metalartspress.com/PDFs/60_degree_threads.pdf