This project is a great place to start for the new metal lathe owner, as most of the project requires use of the lathe. A mill is recommended (to cut the slot), but not required (the slot could be drilled and filed by hand).
Forge glass or metal in emergency/survival situations? Its cool to forge you own knives/tools from scratch? Want to impress your lady that you not only know how to forge metal; but know how to build your own forge from scratch?