I just bought a used one off of Craigs list and will be using it for almost exactly the same tasks. Plus I have the four inch Jointer attachment. I really needed a Drill Press, Jointer, Bandsaw, and Lathe. This purchase let me fill all those gaps for what one standalone machine would have cost me (at least if I bought the standalone new). I'll freely admit any quality standalone machine would be better, but from all I've read and everyone I've talked to, the Shopsmith is a quality solution and a good fit. Check back with me after I've had to shift it between drill press and bandsaw 14 times in one day...
Is anyone still hanging onto their ShopSmith?
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I've had my 510 since 1993. I have no plans to part with it. While it has some limits, it has been great for projects around the house. The shopsmith has given me no problems over the years. I also have no plans to get rid of my BT3000 I purchased in 1993 until it completely dies. Then I plan to upgrade to a cabinet grade saw system.Comment
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I own a couple of the old 10ER models. In my opinion they excel as a drill press. They're a good sanding station and a servicable lathe. On mine the rip fence isn't of much use, so it's not used as a table saw very often. On the newer Shopsmiths I am sure the fence system is a lot better.
As a drill press, the table rides on the 2 rails so you can raise and lower the table without it shifting offline of the quill, so drilling deep holes, or switching from one size drill bit to another doesn't take the center off your clamped work piece.
As far as raising and lowering from horizontal to vertical I have read that if you put the motor unit close to the hinged end of the table, then raise to vertical, most of the weight being on that end makes it easier to raise. Then you can use the quill like you were drilling a hole, to raise the whole head unit up until it's at the height you need it to be at. I personally don't do this because I believe it's hard on the quill. And I am still young enough (late 40's) that I can still manhandle it with the motor up toward the other end.
You can pick up used Shopsmiths (all models) fairly cheap (under $400) with a multitude of accessories (joiner, jigsaw, bandsaw, etc) and you can make stand alone stands and add a motor so that you have your stationary tools. They don't have to be run off the Shopsmith (but you probably already know that).
As a lathe, the older 10ERs are better IMO - because they are cast iron and steel. More weight, more stability. And the 10ERs have less moving parts to go bad. Some guys are putting old tread mill/variable speed motors, so they can dial in the speed they want.
I have not seen it, but The Home Shop Machine (magazine) is supposed to be running a series on how to convert a Shopsmith Mark V to a milling machine (metal?). I need to go to one of my local newstands and try to find it. My understanding is that it will be a 3 part series.
If I were contemplating getting rid of an older one, I'd probably convert to a drill press instead of getting rid of it. I'd take it off the original base and make a smaller foot print base, for that use.Rusty
If I had more room, I'd buy more tools!Comment

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