Found this quote on the pipemakers forum.
Here's what I would say about lathes:
First, if you're serious about this, get a larger one than you think you'll need. You will eventually outgrow a 9 x 20, though it is perfectly serviceable for a pretty wide variety of shapes and sizes. Get a metal lathe, not a wood lathe. You can make pipes on a wood lathe, but you're going to be very limited with it, and unless you're exceptionally skilled, it's going to frustrate you. Get the stand, and bolt it to the floor. Don't put it on a bench or table unless it's extremely sturdy and has a metal frame. The more solid the base, the smoother the cuts you'll get, and the better it will stay in trim and alignment over time. Pick up a copy of "Keep Your Lathe in Trim," a 28 page pamphlet available on Amazon. This will help you understand a great deal about your machine and how to protect it from . . . well . . . yourself.
Optional accessories that you should probably have include the following:
1. Quick change tool post.
This will allow you to perform a variety of operations by changing out cutting tools quickly. You'll need to learn to profile and grind your cutting tools or, again, you're going to be limited in what you can do. Pipemaking tools don't really exist, so you'll have to get blanks and grind your own.
2. Keyed Jacob's Chuck for your tailstock.
You can use a keyless chuck, but for drilling something like the tobacco chamber it's much safer to have a mechanical means for applying torque lest your bit rattle loose during the drilling.
3. Level indicator
This will allow you to determine whether or not your cutting tool is at the proper height. If you do not have a QCTP, you'll need to buy a package of metal shims to adjust the height of the cutting tool.
4. Custom made 2-jaw chuck
This is a must if you're going to be turning shapes on the lathe rather than drilling them "freehand." Ken Lamb sells one as does Trent Rudat. Every one I've seen from both of these sources, however, is flimsy and imprecise. Others may have had a different experience. My advice would be to have one machined by a local tool and die company.
5. Pin Gauge Set
This will allow you to do a variety of things, but its most immediate use is as an arbor for freehand drilling. Insert the pin gauge into the mortise of the pipe, and chuck the pin in the headstock of the lathe. Spin the stummel in the headstock as you square the shank using a long cutting tool in the tool post.
That should get you well down the road.