Advice to a New Turner
Welcome to the most addictive hobby I have known!
All of the above advice about joining a turners group, borrowing videos/DVDs, and to start turning are all very sound. Let me add to this the following:
I sell turning equipment for a living and when folks get started I tell them the best order of buying "things" is: 1) a lathe, 2) good tool sharpening equipment, 3) then HSS or powdered metal turning tools.
1) You have already taken care of getting a lathe.
2) I can't over emphasize the importance of having good sharpening equipment. Most newcomers don't realize that a sharp tool dulls in about 10 minutes of turning, especially on dry wood! If you are getting "saw dust" instead of nice "shavings," your tool is dull which gives a rough surface on your work and a great deal of frustration. A sharp tool is the difference between pleasure and frustration. Set up your sharpening equipment within arm's length of your lathe and you can resharpen your tool in about 30 sec. I recommend the following equipment: 8" grinder with friable aluminum oxide wheels, one about 50-60 grit and the other about 100-120 grit. DO NOT USE THE GRAY SILICON CARBIDE WHEELS THAT COME WITH MOST GRINDERS! These are designed to remove lots of metal quickly and don't give a good edge. The aluminum oxide wheels are designed for sharpening and remove minimal steel per sharpening, leave a good edge, and so your tools will last a long time. The Oneway Wolverine Sharpening System is an extremely simple device for shapening and does an excellent job, quickly. You can go to Oneway's website and download their video on how to use it. It is simple and cost effective. You will also need a stone stick or diamond wheel cleaner to keep you wheels clean and cutting efficiently. Most importantly in sharpening, don't put any pressure on the tool against the wheel. The weight of the tool against the wheel is all that is needed. Your hands are there only to gentley guide the tool on the wheel, not to apply pressure. A simple angle gauge for maintaining bevel angles would be useful, especially until you gain experience in sharpening. Enough on sharpening.
3) Tools. Don't get lulled into buying cheap carbon steel turning tools. You can find them at places like Habor Freight, ebay, etc. for around $20 for a set of 8+ tools. This would be a big mistake that you will instantly regret. Carbon steel tools very readily overheat (burn) when sharpening and loose their temper and will never hold an edge again. You need to get either High Speed Steel (HSS) or the newer powdered metal (PM) tools. The PM tools are currently very expensive and not needed by the beginner. Good HSS tools will cost in the range of $35-$75 each. You don't need very many to start, usually four well chosen ones will serve you well. The specific choices will depend on the type of turning you want to start out with, spindle, bowl, faceplate, get advice from someone. If people offer you tools, its easy to tell if they are HSS or carbon steel by the sparks they give off when grinding. Carbon steel will give a starburst type spark while HSS will give a pinpoint type of spark.
Hopefully this is helpful. Remember, if you ask two turners for advice, you will get at least three opinions.
Have fun and keep a cool tool.
Peter Toch