Atkins,
I'm not going to say it won't work because it probably will but I'd save up and get a little better lathe. I'd look around for a small Wilton like the #99177 Mini. You might also like the Grizzly" G9247 VS Mini Wood Lathe!
Menard's and I think Home Depot sometimes carry them.
They usually sell for somewhere between $100-150. The drawback is they use #1MT with is harder to find mandrels and tooling for. I would probably stay away from the one you mentioned. It's too easy to get hurt with a lightweight underpowered piece of equipment.
Nikonut /ubbthreads/images/graemlins/grinning-smiley-003.gif