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Default Guidance needed: jet 1014 vs 1014VS+Nova Chuck

I JUST purchased on saturday the jml-1014 jet mini lathe because it was
the one in the Woodsmith store that i could afford. Now I find out that
rockler is having a sale on the 1014VS WITH nova chuck for $299. I paid
$279 for the straight 1014. By the time you add tax I paid right at
$300. Rockler is qouting me $343 shipped from main wherehouse and $325
from the indianopolis store & and around $315 from the minneapolis
store. One person told me that the belted 1014 has more lower end
torque because of its motor, then the 1014VS. The other thing I noticed
is you still have to change belts. I'm not stuck on Jet, in fact I
hadn't originally planned on a jet. But $325 is going to have to be my
limit.
There are so many different lathes out there that is very very confusing.

Also I'd like to know the best way to cut blanks from stock. I have a
scroll saw, a band saw ( with tons of blades ), a compound miter saw,
table saw (still in storage ) and a floor model drill press (yes, I know
I can't cut with that )
I'm thinking right now of primarily making pens and other small
turnings, like flashlights, magnifiying glasses, letter openers, but
since I'm a brand new woodworker I could easily wind up making something
totally different.

One person has told me I'll lose torque by getting the VS and others
have said to be sure thats the only one i get. please advise me.
I'm totally confused now!

Troy
 
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