A lathe for 12" dia parts is a pretty big lathe. I turn 10" parts in my 10" lathe and it is real time consuming running the lathe in backgear to cut the large parts. The lathe you pictured would be perfect for the small engine parts you want to make but prob useless on anything 3" in dia and up. Try ebay for a used lathe, but hold on tight they ain't cheap...Bob
http://groups.yahoo.com/group/southbend10k/