SM,
Up until 18 months ago I used to run an Atlas 10F, which is basically as you describe but with all the bells and whistles for screwcutting and feed.
I was offered a capstan version about 2 years ago for 100 squid, but turned it down as I knew I would be changing lathe types.
If you are just into centreing, drilling holes etc then they are great, they even come with basic front and back tool holders. Turn to size with the front one, then feed in the back to part off what you have just turned. Not really worth having if you are doing the odd 10 or 20 turned and drilled items, but any more than that, and if it is the right price, you are onto a winner.
I don't know if these were ever produced with a plain bearing head, but if they were, and yours is such a one, then make some sort of excuse and run away as fast as you can. Even though one in good condition runs perfectly well, once it wears, it will cost you an arm and two legs to get the bearings recast and bored to fit.
I purchased one of the tailstock turrets from Arc Euro, complete with all the bits and pieces. I could see it being great for a smaller lathe than mine. If they had done it with a 3 MT rather than the 2 MT it came with, then I would have used it, but by having to use an adaptor, it became a little 'droopy', so unfortunately I never used the turret part, but all the other bits were converted into a very versatile tap and die threading system, plus other specialist bits for the tailstock.
Bogs