Unfortunately, this is a case of where bigger IS better....
Now - having said that, I'll also say that having ANY lathe / mill is better than not having one at all, IMHO.
I started out with a 7x10 bench lathe and was able to produce some mighty fine results with it after upgrading / fine-tuning the machine. I still have it, but have since moved up to a 12x36 machine that I can use for rifle work as well. The weight/rigidity of the machine makes a big difference.
One thing I think you will find, is that you will be somewhat limited in your availability to find tooling to fit the smaller machines. At least that has been my experience....
If you haven't already been there, this is a good source for info. Scroll down for the
Lathes and Machinery Links:
http://www.varmintal.com/alink.htm#Mini-Lathe
And above all -- have fun with your new toys! :dancingbananna: