I am fortunate to have a 14x30 Hendy lathe. ~25 years ago I overhauled it, reground the bed, and fitted a VFD to replace the old thyratron DC tube drive. Although the DC drive worked exceptionally well, it was becoming very temperamental and would often emit sparks, noise and allow the magic smoke to escape. The selenium rectifiers were becoming a pyrotechnic source. The VFD drive is wonderful and allows a speed change with the twist of a knob.
It has a D1-6 spindle which allows easy and precise chuck changes. Should you be in the market for a lathe, the D1 camlock spindle is superior to threaded spindles or the LO tapered style. Popular sizes for us model builders are D1-4 and D1-6
I have the usual 3 and 4 jaw chucks, but what is used for the majority of small work are collets. I have a Hardinge collet closer and a series of 2J collets. A nearly full set of round, square and hex collets have been accumulated from auctions, machine tool dealers, and shops that are closing. Should your machine take 5C collets, everything is available in that series.
Collets offer a higher degree of on center work holding, no jaw marks, and precision clamping of delicate pieces. Larger diameter pieces can be held by clutch collets.
Work piece holding is the foundation of your work. It doesn't matter if it is your bench vice, milling machine vice, or lathe, having the highest quality tools that the budget allows cannot be understated.