I like it! I actually looked at doing something similar to your idea, but never thought it through all the way. If chatter becomes an issue, that's probably the first modification I will look at doing.
You're absolutely right about any small amount of flex from anywhere can and will affect cutting performance and finish.
I was a machinist for several years, then started doing tool design. I currently work for Toyota of North America doing dimensional confirmation (using portable CMM) of new body weld equipment for new model launches. I don't have a lot of free time to work on the lathe conversion, but I'm not in a big hurry to finish it.
Congratulations on your Marriage! Did you recently get married?
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