Woodturning - A Foundation Course, Keith Rowley. Excellent book.
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Hello Dhakala,

Sorry, no suggestions as far as books go- it 's not too difficult to
learn without a book, though.

For what you're trying to do, a Midi or Mini lathe would work fine- I
started out with a Delta Midi lathe, and it is a really nice little
tool. I turned a lot of stuff with it, including bowls and vases- and
it came with a free set of turning tools that, while not the "best",
are pretty decent, and do the trick for me. From what I have heard,
the Jet version is almost the same tool. I'd probably avoid the really
cheap ones- you're spinning hunks of wood at a pretty good clip, and if
they fly out on you, it can be a painful experience.

I started with the lathe, the turning tools that came with it (be
advised that it takes Delta quite a while to get those promos to you,
so you may want to get a cheap set right away) and a Grizzly 4-jaw
scroll chuck (http://www.grizzly.com/products/G8784). With this setup
and a drill chuck with a #2 morse taper, you can make those joint
protectors fairly easily. You'll also need a bench grinder for
sharpening the tools, and some other toys for getting your blanks to
approximately the right size. If you don't have anything to start
with, you could get going for a little over $500. ($300/lathe,
$50/grinder, $50/chuck, $35/drill chuck/ and about $80-100 for a little
bandsaw- be advised that a bandsaw that small is basically a toy, but
it'll do the job to start) That'll get you going, and if the business
works out for you, you can always upgrade later. To tap and thread the
things, you're probably best off just drilling on the lathe, and making
the threads with a hand tap.

But be advised that lathes are stickier than tar-babies. Once you get
started, you're likely to end up with some kind of giant Oneway lathe
with a bevy of $300 chucks and a million bucks in turning tools,
sharpening jigs, chainsaws, a dump truck, and a bunch of other stuff
you hadn't counted on. Be careful!