Yep. Just decide on how big of a swing you want and lenght of the bed.
Make sure it's set up with good lead screw for threading and I think a rheostat speed control is handy. The accuracy of your parts will be decided in the quality of the ways, threads on the controls(backlash is a b^%#$) and the tool and work holding methods used. Carbide tooling has very little maintance but is very costly.
It makes working with tough steels much easier.
Like I just made a set of S7 punches and I used carbide and another guy used HSS. He constantly was sharpening his HSS tool vs I just used lots of cutting oil and went at it.
I like a tool post instead of the old rocker tool holder.
I would recommend having and a quick change chuck, the three I recommend are 5C collet, universal three jaw and a four jaw chuck.
And then you get all the fun instruments to measure and turn