A lot of the turnings I do can't be done on a pulley machine. Once you have worked on a variable speed lathe you will never go back to pulleys. Even 10 RPM can make a big difference in how the wood cuts. When I turn the lamp shades I change speed probably a 100 times in small increments. You can get
1,2 and 3 HP variable speed motors with matching controllers at Dealers Electric for $230 to $395 to retrofit your lathe.