The worry around gears comes from lathes without quick change gear boxes. For such lathes you need a stack of gears that you change to cut different threads. Not neccessary for lathes with a QC box, and while I don't intimately know this lathe, the few extra gears (if any) with a lathe are usually for doing weird and wonderful threads. Mostly you forget they are there and use the QCGB
Yep. If the lathe suits you and doesn't take food off the family table, it'd be a pretty darn solid start, and with the name, it will retain value, too. A bit bigger than most guys start with, but still a manageable size, with some minor equipment. A basic engine hoist, and, say, a hydraulic pallet dolly. (you might as well get one now, you're on that path anyway! LOL!
Aside from that, there is a HUGE amount of knowledge and support out there for pretty much any old school South Bend equipment, and a thriving aftermarket in used and new parts, so if you figure you really need something later, like Metric Transposing gears, you should have no troubles finding those. 'Accurate' transposing gear sets use a 127:100 ratio conversion gear pair in them, but a lot of the machines used a 63 tooth gear, and were able to get close enough that nobody but NASA or NIST could tell. 127:100, is the lowest factors of the 25.4mm to 1 inch conversion, while 63, is 'almost' half that again. The differences in actual pitch created, are usually so far in to the decimal places as to not be material.
If you don't have forward/reverse capability on the switch gear, Metric on an Inch machine is a minor PITA, and you may find that other ways make more practical sense, unless it's something that really needs the accuracy.
FWIW, without switch-able reversing, you end up having to either hand turn the chuck, or install a hand crank on the spindle to return to the thread start, as you cannot disengage the half nuts between passes, so you either run the tool back to it's starting position under power in reverse, or by hand turning the spindle.
***(technically, not true, but it is worth reading up on, if you feel the need for a migraine! It's kinda hard to wrap yer head around!)