The Grizzly is a good lathe. The unit you are looking at is OK for small stuff, IF you are extremely careful.
Have a look at BusyBee. busybee.ca
They offer two styles of offshore produced lathes, which are copies of British lathes.
By styles, I mean Back Gear types which will give you a broad range of speeds and feeds, but you have to change out the gears or rearrange them to get many of them.
The other style is the Quick Change Gear Box. This comes with a set of metric gears and a set of imperial gears. Each of the changes can be done by quick adjustments of the two levers on the gear box.
The offshore offerings are very similar and some of the Grizzly lathes are made offshore as well.
The Busy Bee offerings are reasonably priced, well within your budget.
My advice to you would be to go onto the internet and find the closest BB to you. There are several across Canada. BB also carries a full line of tooling. Call the store you choose to order from. Often they have exactly what you are looking for on at very reduced prices.
Buy the largest machine you can afford, with tooling. Luckily, much of the tooling needed comes with the lathe package.
Before you buy, you need to make sure your facilities are good enough to set up your new lathe on. The lathe needs to be on a solid, concrete floor that is relatively level. You also need to be able to move the lathe into position and set it up on its bases. I advise against a bench mounted lathe. They are just to small and benches usually have to much give or vibration for really good, accurate work. Thick, heavy wood floors might be OK. I had a lathe mounted on an 8 inch thick oak floor. It was made of 2x8 oak packing crate frames for machinery. Even though it was 10 feet wide and 14 feet long, it wasn't stable enough, IMHO. It was glued and bolted from side to side. It still flexed and it was often noticeable.
Call the store personally and ask to talk to someone knowledgeable about machining equipment. They will be happy to tell you what you should get for tooling to go along with the lathe. Don't forget measuring tools. Inside and outside micrometers etc.
If you don't have a decent drill press, get one as well. If you decide you need a milling machine, stay away from those very small units. They're good for plastic and soft metals but when longer cuts are needed in harder metals, you need something up to the task. You can get by quite well with a smaller drill press though, for holes up to 3/4 inch.
You also need good files of various shapes, punches made of brass and tool steel. You also need brass shim stock to center the pieces in your thee jaw chucks, if you are repairing a part and want to match centres. Small brass hammers, good hacksaw blades, emery cloth of different grits, edge breakers etc. Then you need different bits to grind to different thread configurations or O ring grooves etc.
Rankin Inlet, is a bit out of the way. Shipping costs must be horrendous to say the least. Getting as much together in on bunch is likely your aim. Waiting a few months or more for a particular part or some metal could be a bit tedious. Likely there is a shop or site in your area where you can go to pick some brains and maybe even get some hands on experience. Striking out on your own can take years of experimentation. A mentor, can teach you more in a couple of hours than you can garner on your own in months. Most of it is just common sense. Getting speeds and gearing down pat is another thing, for some of us. Once it comes together though, it's like riding a bike, you don't forget until dementia sets in.
