Congratulations on your new lathe. Sounds like your off to a good start for tooling. Though it sounds small, .0005 is exactly what you need. In time, your skill will enable you to work to limits that small, even though that's seldom necessary, your going to want too. Keep an eye on Ebay for tooling, especially for micrometers, calipers and find a tool supply book, Travers has a good one, find out what stuff costs and that will reduce the chance to get eaten alive if you bid on an item. One item (my opinion) is invaluable is the book "How to run a lathe" it was produced by the Southbend Lathe Company and is crammed with stuff you will need to know as you go along. They have been printed forever, mine is 1934 edition. Have your machinist friend help you to level your lathe, this is probably one of the most ignored aspect of machines I've ever seen. It's not so much level as your removing twist while your bolting it down. If you fail too, your ability to crank out any decent parts will be hindered e.g. cutting tapers. And, you will accelerate the wear on your lathe. I check mine frequently and usually have to make some adjustment once or twice a year and my stuff is bolted to a six inch concrete floor. If you need the loan of any specialized tooling to get a project moving, don't be afraid to ask. Good luck.
