Rod,
Lathe basics are not real complex, but care is in order... It would be best if you had someone local that could kind of guide you through the basic operations of facing, turning, center drilling, drilling, boring etc.
Most people use a self centering 3 jaw chuck to hold the stock in, though there are other means. A 4 jaw independent chuck is a necessity for very precise work as it allows you to precisely center the workpiece, even irregular shape pieces. Face plates and lathe dogs are also used in combination with a center placed in the tail stock. While none of these setups are difficult if you know how to go about it, it helps to have someone walk you through the process a time or two.
A purchase that you will be very glad to make is "The Machinery Handbook" Used models can sometimes be had for a few bucks, while a new runs about $80. Super great book that gives direction for any number of operations and calculations.
You will also need to learn how to make and sharpen your own cutting bits. If you search the internet there are a few good sites that will show you the desired profiles and walk you through the process
A final word of caution! When doing setup in the lathe if you have any doubt about the setup, do not turn on the lathe! I REMEBER THE TIME THAT I WAS PRESSED FOR TIME AND DID A MAKESHIFT SETUP. Everything worked fine until the second cut which was a bit more aggressive. It was like a bomb going off! By the grace of God, I was completely uninjured. I did have to replace the bit, and repair a rather large hole in the far wall...
Attached are a few links:
How To Use a Lathe from American Machine Tools Corp. Lathe