I've found that turning is all about the tools you use. Quality tools, sharp tools are key. So long as the lathe is able to turn wood at the correct speed, and do so without unwanted movement..... A $300 lathe may and I say MAY last longer, but in the end, it does the same thing as a 140 lathe.. Turns your work..
Unlike many tools, it's the accessories (cutting tools) that will hurt your wallet the most.. I personally use the Carbide tipped tools, as they seem super easy to use. Best of luck with your new project.
John