They guys online that started the incessant chant of "old American iron is best", mostly live in the North East States, where the industrial base and small businesses were such that there became a LOT of decent condition machines to pick and choose from, at prices that would make guys that live elsewhere, tear up, just a little.
Such an abundance of cheap pickings, will obviously flavour your views, aside from the obvious jingoism.
I have seen a LOT of totally clapped out old machines by good makers, being flogged for far more than they were worth, because they were made by a desirable name. And yeah, you WILL have to make your hobby, that of fixing the lathe, if you want it to become a decent machine.
On the other hand, if you happened across one in good shape at a reasonable price, consider whether you want a lathe that was built to a standard to be used for actual work, and sold for the price equal to a decent family car, or a lathe built to be able to sell for about what the wheels on that car are worth.
One way or another, it has been my observation, you end up having to do a few evenings work, at the very least, whether it is a new machine in a crate, or a used one dragged in. In the case of a Chinese hobby machine, it amounts to knocking it apart, cleaning the sand and corrosion preventative goop out and knocking down the sharp edges off the whole thing. On a used machine it will usually entail a thorough cleaning, and a general inspection of the various parts for wear, to see what or if, any of them will be needing further attention.
Either way you go, the lathe on your bench, no matter how clapped out, is still better than the best lathe brochure picture out there.
I will suggest tracking down the essay "In (modest) Praise of Clunkers" as required reading, for those that are stuck on 'perfect' is the only good enough tool. It might give you something to think about. It was written by a machine tool dealer, about his customers, who were all looking for that 'perfect' machine.