Kenny after seeing that Woodcraft have a deal coming up on Rikon for 15% off on the 8 January I would see if i could stretch a further $100 and get this baby
http://www.woodcraft.com/Product/2005508/16400/RIKON-Mini-Lathe.aspx?refcode=11IN01NL
Its up for $349 now but will be around $297 on the 8th.
This way you will have something that you know what you getting and get a decent unit. Warranty and all.
Sure you wont have tools and the extras shown there but if you very new at this evaluating that machine without experience even with the advise could lead you into a pit where no help would be available.
I now tend to agree with Mike Furness about finding something better for the money. My suggestion is just one.
For the record i have nothing to do with Woodcraft just happened to get their flyer at the same time as your inquiry.