Hi Ian,
You won't believe how soon you would find little things to turn and how soon you would become quite handy with the lathe.
I think the biggest 'problem' is space, but if you bought it, I suppose you have the space.
For starters, I bought myself a meter x 1 inch length of aluminium rod, mild steel as well as a length of nylon rod. My first project was to replace the nylon rollers on my Pagoda door travel stops and the hood travel rollers on my E Type. I have even turned some wood.
Regards
Chris