I had the same arguement with myself several years ago while trying to learn on a clapped out Logan lathe. I finally bit the bullet and shelled out the cash to buy one from BayCom. Best machining money I ever spent. Period. I wish I had done it sooner. I was amazed at how well that sloppy lathe worked with a well ground bit. If I screw up and take too much bite, the bit just slides down instead of tearing things up. If I get in too much of a hurry and dull the cutter, it takes about 2 minutes to resharpen. I've recently upgraded to a bigger, tighter lathe. The first thing that got installed was my diamond toolholder. I plan to make my own (someday) for my BXA toolpost, both left-hand and right-hand. The only thing I dislike about it is that I have to keep adjusting the toolpost angle. When I make my own, I'll set the angles so that it will turn and face with the toolpost square with the work.