I don't mean this to sound rude, but if you have to ask this question then
why do you even want a lathe in the first place?

Mainly because I had fun using it many years ago in shop class. You mentioned
making pens, which sounds intriguiging. I'm sure I could make some nice gifts
through the course of the year that way. Can you make small things like that on
a big lathe or would I need a smaller lathe? In other words, could I make a
baseball bat and a pen on the same lathe? Making bowls might also be fun, and
would have some potential for gift-making.