I too started on a Shopsmith as my first lathe. The chuck is not a problem--I started with PSI CSC300 since they also make an adapter for the chuck so it'll work on the SS.
Things you will notice: 1) the blank needs to be
really round, otherwise the machine will dance- a lot. :yes:
2) The tool rest is marginal and you'll find the limitations quickly.
3) when turning bowls you have to use
light cuts because the machine will bind/bog down. And what happened with me was a big catch--- and yes you CAN bend the spindle on the machine.

4) I recommend getting the heavy lathe rest that SS makes to do any turnings, much heavier and better platform, more adjustable. They do come up on ebay occasionally---Heck- think I'll post mine on there in a day or three.
5) A speed reducer is good---but for sanding only. It won't handle the pressure from a chisel---been there/done that.
As I think of more, I'll post. Don't get me wrong, I really like my SS--just not as a lathe.
Oh And + 1 on the Raffan book.
You can also visit the Shopsmith users on the web, that helped me some (just pushed me into the vortex-lol)
Dave H