Thanks for the suggestions everyone. I've decided to go with a medium sized wood lathe for now, and I plan to buy a smaller metal lathe later this year. I found a wood lathe that has an optional bed extension when needed, but doesn't take up a lot of space. It's heavy enough to be stable, but could be moved to a corner of the shop for storage when not in use. Hopefully this will allow me to arrange things in a way that will allow me to fit two lathes in my limited space.