I have a small 1000 sqr foot shop behind the house and have a lot of basic
metal working tools, I'm interested in learning how to lathe some of my own
parts, mostly small car, motorcycle and some custom parts. I have a degree
as a Computer systems guy and was wondering if I should be looking at just a
basic Lathe 3' - 4' or something with CNC capabilities?

1) What type of lathe would you recommend? I need something that I can still
sue as my skills advanced.
2) Since the Lathe is mostly a toy cost is an issue.
3) Where is a good place to get the "bits" I need? I've heard of people
making their own bits from "Key stock" is this possible? how?
4) If I can find something used what type of price range/s am I looking at?
5) Is CNC worth the money for 1 of parts (no production here)