John - welcome to woodturning. It can be more fun than a barrel of
monkeys, and just as frustrating.
You SS will do just fine. No, it isn't the Powermatic "mustard
monster", but it is a good lathe for smaller projects. Don't overload
it, and it should serve you quite well.
In my old woodturning club we had a couple of members that had SS
lathes that the used to turn all manner of things like vases,
candlesticks, pens, lidded boxes, etc. They turned out some *great*
work, and they loved their machines.
I personally think it is a great choice of machines (since you already
have it!) to learn about woodturning and how much time and effort you
want to invest in the craft.