Hi Ron, As you are a machinist, I feel as if I'm preaching to the choir, but maybe a few thoughts for the congregation. ;) I assume that your lathe is a good make and probably swings at least 9 inches. Probably back geared and has longitudinal and cross feeds from a leadscrew. etc.
Just adding a 'T' tool rest to the tool holder would 'enable' your engine lathe to turn wood, but it would be a limiting set up. Inconvenient and might discourage you from taking up a very enjoyable activity.
IMHO there is really no substitute for a smoothly working cam operated tool rest system. Often the speeds for woodturning exceed those available on metal lathes. and if they are they are noisy. For wood you often need speed for spindle turning and swing for faceplate work. Metal lathes limit both considerably.
I am not aware of any conversion kits for 3 jaw chucks. Many of us used them in the past, but the scroll chucks, pioneered by Technatool, have generally displaced them because of their safety, utility and price. If you do decide to 'convert' your lathe, I suggest simple holding methods: single or multiple screw chucks, pin chucks, spurs etc. Revolving tail center for sure.
Modern woodturning lathes, new and used, are so useful, reasonably priced and available that to disrupt a metal lathe with its precision, threading systems, etc. seems counter-productive. I think small metal lathes can serve for wood & metal, and some are are commercially available, but I assume that you don't plan to make only small turnings.
Each time this question arises someone notes that some very good woodturners and one in particular continue using metal lathes. Obviously this can be done, but I don't know if they use cross and compound slides with fixed tool holders & bits, dogs and drive plates, etc.
In summary then: IMHO don't mess up your fine engine lathe or make it a pain to go back to using it for what it was intended. You know you have to keep it clean and well oiled. Grease, wood chips and dust don't socialize. Buy or borrow a true woodturning machine, and don't make do or look back.
This is rcw so, of course, others will advise differently. Regardless, welcome to woodturnng. All good luck, have fun and keep us posted. Arch
Fortiter,