Craig:
That first little combo lathe/drill is only 7" between centers. Mounting a small chuck reduces that 7" distance to 5" max. then mount a 1/2" capacity drill chuck in the tailstock leaving only 2" to 2 1/2" of working space - practically useless for anything but maybe making something like small earrings for your wife or girl friend.
This 2nd lathe/drill combo, item#46199-6VGA at $800 is 15 3/4" between centers with a 16" swing which also places a cutting tool 16" above the lathe bed. The leverages involved here with such a small bed, makes turning ferrous materials impractical and unsafe. Also, with a slowest RPM of 375, any steel diameter over 1/2" would require carbide tooling(cutting tools) and a small supply of those will cost more than the lathe/drill. This lathe is not designed to cut threads and that alone relegates it to the useless catagory.
I have a neighbor who was given a lathe/drill almost identical to this one. Twice he tried to use it for a metal something and then understood why it was free. Craig, I've been involved with machine tools for over 50 years and during that time I've yet to see a lathe/drill combo worth walking across the street for.
A Black & Decker 1/2" capacity with 10" swing, bench model drill press for $100 can be found at Home Depot or Lowes. A very nice steel cutting lathe with 7" swing, 12" to 15" c to c capacity, thread cutting in inch & metric with slow (50 to 70 RPM) enough spindle speed range with tooling (chucks, tool posts, centers, etc. can be had for $400 to $600. Two real machine tools to do real and meaningful work with - and no compromises, for less money than the model 6VGA.
Decent money is getting ever harder to come by so I hate to see somebody get "burned" by an ill informed purchase. If in doubt - Please Ask!
Mike