Get yourself the shaft of a little lathe like the Delta or Jet, they
should be a lot cheaper than getting one custom made, they also use
standard bearings, then a variable speed motor should make it easy for
changing speeds enough with only a 2 or 3 step pulley.
The same for the tailstock get parts that you can readily buy, then
build the rest you need, good luck, it won't be as cheap as buying one
of those small lathes but you will learn something for sure.

Have fun and take care
Leo Van Der Loo
http://homepage.mac.com/l.vanderloo/PhotoAlbum4.html

wrote:
I have done a lot of searching for home-built lathe plans on the web,
but haven't found that much. I'd like to build one myself for several
reasons, mainly because it would be fun, and I'm cheap. I know, I
know, I'll probably wind up spending more making something halfway
decent than just ponying up for a real lathe, but I'd like to give it a
go anyway.

Two things are holding me up from beginning: 1) a set of plans to at
least begin with, and 2) the source for the headstock and tailstock
spindles. I want MT #2, of course, because it seems that most of the
lathes use those. I just can't seem to find them on the web. I know
they must be there, I just don't seem to have the correct terminology
for what I want.

Has anyone out there built their own lathe and is willing to give me
some advice and warnings?

Thanks in advance.