Craftsman 15in variable speed wood lathe

Which model? There are several. If it's one of the ones with metal tubes for the lathe bed. You can do better. Also see rec.crafts.woodturning for more info

The electronically variable speed model has cast iron rails. It takes a bit of tune-up but is a decent lathe. The tubed kind is OK, but takes a lot of getting used to. I have a friend who used to turn cannonball bedposts 6' long on a pair that he had welded together (tubes). He made some good looking beds, but my guess is if he'd not had 20 years experience in a woodworking factory, the tool would have been nearly impossible to master.