Build or use a sturdy bench. Put a metal top on the bench, or build a chip tray under the lathe. It will pay back a thousand times, as it will keep a lot of the chips from ending up on the floor, and it will serve as a place to look, when your work drops(cutoff parts esp)....BTDT.
Do a search online for "Rollies dad's method". It is a mean of testing the parallelism of the lathe cut, with instructions for how to adjust it, by interpreting results. Cheap and easy, no high precision levels required. It follows very near the "two collars method" as laid out in the South Bend Lathes book, How To Run A Lathe, which is worth buying, but you can download it from a lot of sites.
Don't sweat over making it level. A carpenters level is plenty accurate. Adjust it to cut straight, once you have it reasonably level.
I had one lathe that had 4 bolts welded to the deck of the drip tray/stand. A nut was run down the threads of each one, then the lathe feet were placed over the bolts, and secured with another nut. It made a cheap, adjustable means of mounting the lathe, and could be used to raise it a bit, too, if one wished.
Build some storage into your stand. A couple hooks to hold the wrenches and chuck keys would be handy. A drawer or shelf to hold the chucks and followers when not in use, could be good, too.
The South Bend book shows some pictures of lathe stands that were three legged, made of round tube. A three point base will always get all three legs onto the ground in contact, where a four legged stand may not, on an uneven floor.
Build some knee room under the bench. You can use a stool to sit, and work on the lathe, if you are spending a lot of time at it.
Get some proper way lube. If you have to, mooch or buy some from a shop, or buy it from a dealer. A liter will last a very long time. Vactra way lube, Tonna AW 68, or similar. Get a small bottle of soluble cutting oil concentrate. Mix it per the directions, and apply it with a brush, when cutting mild steel. It WILL make your life better!
Steer clear of brazed carbide tools for the time being. They require a bit of work to be useful, and are expensive and short lived in the hands of a newb user. carbide insert tooling, even more expensive. Get some 10% Cobalt HSS blanks, Either 1/4 or 3/16, and a decent bench grinder, and learn to grind tools. Use a magnifying glass to examine the edges produced. Get a EZELap diamond hone, fine, to hone the edges. Look at the edges under magnification, sharp is good, except on the very tip of the tool, where a radius (very small), seen from looking down on the top, will increase both tool life, and surface finish.
I might be preaching to the choir, but this may come in handy for someone else, too!
Get a KBC catalog. It's good to know what is available, even if you end up looking for the cheap knock-off version of it.
Cheers
Trev