On popular demand I revised my first idea for using a a hand drill as a motor and now there's a bench grinder to that place.
A bench Grinder with a pulley is mounted on the base and will act as the motor (thinking of doing the same electrical modifications I did with the drill sander for speed control), a double ended mandrel with bearings and a drill press chuck, and a reverse t-shape hardwood with a threaded rod pointed at one end, some t-nuts and a wooden handle will act as a vise tail to hold firmly the stock and it will run on the two t-tracks of the body. For tool-rest a piece of T-shape iron rod in a piece of wood with a groove and some wing nuts that wil hold it on the t-tracks could do the job.
I am sure there will be better ways to build it, but unless I get down to do a biger research and learn more about lathes I won't know.
Also now by using the bench grinder as a motor for the lathe I still have the other grinding wheel to use, so the bench now has a Bench Grinder also on it.
Now the bench has everything or is there anything else :-)
Stelios L.A. Stavrinides
Finally I did get to design a Bench Lathe 3 in 1 and you can find it in my instructable here: