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* My budget is about $1000 (for the lathe itself)
A grand will get you (at least for a while) one of these.
http://www.woodcraft.com/family.aspx?FamilyID=20011 Have to say, as others
are bound to, that it's only the beginning. If you recal the definition of a
boat as a hole in the water into which you pour money, you'll get some idea
of what we mean.
* At present I have no particular project in mind ... but in the past
I have done things such as bowls ... pedestals ... table legs ... and
stair rails ... so I am looking for something sturdy and versatile
What features should I look for?
* 360 degree swivel headstock?
As mentioned, 90 is plenty. Anything else complicates things.
* Variable speed (how variable)?
You want good low end to keep your options open on out-of-balance stock.
How many speeds you want differs from how many you need.
* Reversible turning direction?
Why? Are you left-handed? Otherwise, you're into a lot of accomodation
like locking faceplates and such for "benefits" best described as marginal.
What is your advice as far as which tools to start out with?
M2 is the common alloy. Lots of sources. You can get other, more exotic
types for big bucks, but I'd rather have a wider assortment than a
million-dollar baby.
I looked at the Sorby tools at Woodcraft and liked the heft of the
tool ... but the handles seem a bit cheap
I like the Sorby handles all right, though the Crown/Hamlet/Taylor round
end handles are my favorites. When I make handles for unhandled tools, they
generally look like the Crown. Start with a set and learn enough to be able
to make decisions as to which tool you need next. Even the same name won't
get you the same contour between manufacturers.
Use every tool you can beg or borrow from other turners to see what you
think. Can't buy 'em all, and sometimes you end up jointing with a Jack and
rabbeting with a shoulder plane, if you know what I mean.
Thanks for your time ... sorry for all the questions from a newbie ...
It's only the beginning.