I have an old south bend heavy 10. I love it and use it often.
Tooling will kill you if have to buy everything new. Most people don't need a taper attachment. However, you should get a good 3-jaw chuck (with inner and outer jaws) and a 4-jaw. Aloris-type tool holders are a must. And you should get a Starrett level to set up the machine.
The ways are critical. Buy a good used machine, but don't settle for crappy ways. Check the run out on the bed and the tail stock alignment before buying. If the runout cannot be corrected within reason, then pass on the machine.
Check out this guy on youtube. Lots of incredibly valuable information. Enjoy.
https://www.youtube.com/user/mrpete222