Your lathe is a toy compare to these lathes. Can your lathe machine these parts shown in the picture? Different lathe for different application.
Which one of those pictured is in YOUR shop ?
The point I was trying to make is the Happy Fart 7 x 10 while you can completely dis-assemble it and spend weeks re-machining, scraping shimming and re-aligning it to get it to perform reasonably well - still begs the question - WHY
IF - and this is an awfully BIG IF - if you are only going to use it for soft metal / plastic parts, AND you only have an extremely limited amount of space - AND you never ever ever see the need for some thing Bigger, More ridged, more Reasonably accurate - then go ahead and buy the Happy Fart
But to tout is praises is a fool's folly
It will come straight out of the box with casting craters in the bed, ways and joining surfaces. It does not have hardened ways, shafts or gears so the life span is extremely short. Any critical alignment will surely be out of alignment and will take some fairly descent machining skills to correct to include the Headstock, carriage, and tailstock.
And should you decide to try and cut any sort of thread on one of these machines you'll quickly learn the definition of "Drunken Threads". That of course is IF you can get it to align from 1 pass to the next. In that case you'll just have ruined threads and possibly tool bit too
So NO - my advise is not bad - its accurate
Unlike the "Used Car Salesmen" advice others may wish to peddle around here - I deal with reality
Besides - last auction I attended I saw a couple of 10" Sheldon Lathes with cabinet go for less then the Happy Fart 7" Sure they needed tooling - but they didn't need a complete Re-Engineer and Rebuild - PLUS Tooling to get them running