What is a good lathe in the $300-500 range, for turning table legs and
> bowls, and is there an online source?
A used one, without dealer involvement. Dealers in used equipment provide convenience and perhaps a short warrantee (or perhaps not), but they easily double the price, or more.
New, you're looking at a Chaiwan 12x36 or mini+extension in your price range. $50 _below_ your price range has bought a USA 20x60 with all the accessories, which the realtor wanted out of the house before they showed it. The bearings on that one are babbit - they are also in good shape, quiet, and oiling them is not that big of a deal.