I would suggest a variable speed lathe, any of the "name" brands will work fine. I would stay away from the cheapest of the bunch and buy the biggest/most powerful unit within your budget. I seem to do okay with a set of HSS cutters, really don't even use my more expensive carbide tools. If you choose to go with HSS tools, keeping them sharp is essential, so you will need a sharpening system too. I found my lathe and tools on Craigslist for 25% of new cost and they have served me well.
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