Hello Dave
The 1800 is a far better machine, the 500 is the machine that I would modify.
since there is no depth control and limited gearing I would make this machine
into a roughing copy lathe of sorts.
This could be done in two different ways, the first is, by adding a spindle
and drive
Good morning Tim, that is correct, the nut has 3 set screws, I actually
like this type of setting the stop better than my Powermatic drill press
depth stop that uses 2 quick stops that must be forced together with a pair
of channel locks to hold fast, with the set screw nut it's a one handed