I use one of those for a buffing station with several buffing wheels mounted between centers.
You are limited in turning options as the spindle & tailstock have no morse taper opening.
There are many accessories that can be used on a lathe that has a morse taper opening.
You can start turning some wood items but you will be happier when you upgrade to a lathe that
has a morse taper and common thread pitch size on the headstock. A 1" TPI is the most common size that will provide the most number of accessories available. An MT2 is the most common morse taper opening with accessories available for the wood lathe.