I have a very similar machine.
My stand is made of 2" steel tubing, with 2x2x1/4" L angle framing, welded together and bolted to the 2x2 posts. The 2x2 have large nuts welded to the bottom, with adjuster bolts for leveling, which were then set in concrete. I then bolted in plywood panels as fill-ins to the steel to further brace it. I'll attach a picture.
I keep my tooling in a Kennedy stack toolbox nearby, and in a kennedy machinists chest right next to the lathe. I only put one shelf in the unit, and use it to hold chucks, steady rest, etc. I don't always use a chip pan, but just use a baking sheet when I do.
The most important thing in a lathe stand is absolute strength and rigidity. Vibration makes for poor surface finish when turning. My top is about 3 inches thick, made of laminated layers of particle board, OSB and plywood.
I don't have any fancy hanging storage or anything, the general disorder you'll see in my picture, along with storing the tooling in the Kennedy boxes works for me.
Carbide cutters will work, but take more pressure to cut, and usually cut better with heavy cuts. The Atlas lathe isn't powerful enough to do that well, so although they work, they don't always work as well as HSS. HSS if properly sharpened will cut faster and give a better finish on this light weight lathe.
