Re: South Bend Lathe
Wait, he's GIVING you a South Bend? Oh boy, they're actually prone to inexplicable spontaneous combustion so I'll turn it over to the authorities for you
Nice pickup. It'll turn barrels by the bushel no problem. Is he giving you any tooling, holders or fixtures? Also, a little mechanical aptitude isn't gonna cut it for one of these. They're simple compared to modern CNC machines but still extremely complex; add the dangers of gunsmithing and it's not to be taken lightly.
I'd advise checking local community colleges for a machining course. It's more than making chips; you have to understand tooling, toolholders, fixtures, jigs, dogs, jaws, runout, indicators, measuring instruments, the list goes on and you want to have a solid understanding of each before attempting serious projects. For many of us it's an art form, meaning something that's learned and mastered over time, not a skill that one picks up overnight without effort.
Do your due diligence and you'll make very good use of that lathe, I just can't stress enough to get some formal education, even a night course a couple nights a week.