It all depends on what you want to do with the lathe. A small lathe, such as you describe, will be very useful for small jobs - spacers, bushes and so on. One with a vertical drill attached will be even more useful as a small mill.
The problem is . . You will soon reach its limits and wish you had something larger and of better quality. As you become better acquainted with the turning & milling processes your horizons will enlarge and you will want to take on larger jobs and turn to greater accuracy.
As with most things, you get what you pay for.
If you only ever want to turn small items then go for it, its a fascinating and absorbing hobby that can easily become another money pit (DAMHIK
I started with a 1950s Denford Lathe of around 24" between centres. It was well worn and jiggled & shook - but it taught me a lot.
I then added a new Warco 280 VF lathe and a Warco GH Universal mill. They are Chinese and at the 'Hobby' end of the market. They are better than the old Denford but still not robust or accurate enough for me.
I am currently installing three-phase power in the workshop and making room for a serious lathe - I'm looking at Colchester Triumphs - 50" between centres and Industrial quality. I dream of being able to set the machine to remove X thousandths of an inch and having it do just that - instead of finding that some random amount has been machined!
I am using the Warco to make new screws & nuts for the Cross slide & Top slide on the Denford. Once its tightened up and machining accurately I may sell it (to make room).
Before diving in I suggest you look for a local Club or Society that promotes Engineering - Model Engineers might be a starting point. Try and get your hands on different machines and talk to the experts. They will give you some good pointers on what to look for.
If you're heading down to Edinburgh at any time, drop in and have a look at my workshop. I can show you some of the stuff I've made. Tea and biscuits will be provided !
My avatar shows the late Len Rich in 1970 with the bike I now have - a 1958 Ariel VH