Notwithstanding all that every one has said, it doesn't matter at the first point what power the machine has nor what speed it turns, if the headstock and tailstock points don't meet precisely point to point and NOT 0.5 mm out then its not worth buying ENDIT.
Now if your machine has a total turning capability of 1 metre in length it may be possible by juggling the feet to make the points meet (up to 3mm) but on these small cast iron lathes you will need a stout set of clamps to twist the bed sufficiently to iron out a 1 mm point to point error.
So first thing is the kiss test and don't listen to 'oh 1mm is within tolerance' Its NOT
PG