There's nothing like hands on experience with a mentor. The local college sounds good but can also be frustrating if you don't know the nomenclature of the lathe parts. That lathe you mention is it a small, 3 in 1 or has it just been used by 3 owners?
There is a lathe on the market, or used to be, call the Smithy. It was advertised as a 3 in 1 unit that could be used as a milling machine, lathe or drill press. Not the most accurate piece of equipment but functional. Machines like this can do many jobs OK and some simple stuff well. Don't expect to do any large jobs with it and take small cuts.
A lot of people just can't pick up stuff out of books. For them, hands on experience is the only learning method that is efficient. Another thing, without a base knowledge of the machine and its functions, you can easily break something, screw up a project or worse yet, hurt yourself. If you can handle the wait time for a perfunctory course and retain the instructions, go for it by all means. Your lathe will be different from the school lathes. It will have a "back gear" system, that you will have to change the gear trains on by removing and reassembling them in the proper order for running speeds. The lathes in schools, mostly have "quick change" gear boxes that operate on the lower left face of the drive end. You can't get as many ratios with it but it is a lot quicker and simpler to use as well as covering 99% of most of the jobs required of them.
There is a big learning curve here. It isn't difficult and the big secret to being good at it is to have patience and do the job right, every time. Sloppy work is quickly evident and there are few if any corners that can be cut without it looking like a buckshee job.