Step one, buy lathe
I found an old Taiwanese Jet 9X20 lathe on craigslist for $600. When I went to take a look it had obviously been neglected and there were some broken parts. I talked the guy down to $500, loaded it in the Honda CRV, and headed home happy. I bought some replacement parts, and made a new compound clamp for it, and it worked OK. Here is what it looks like.
What I really want is a 9" South Bend. I have been searching craigslist, and they do show up, so we shall see.