I manage fine with a little
Rollo Elf, it's fine for making most bike things. For headset and BB facing, I have the proper hand facing tools, ditto for seat tube reaming. It mostly gets used for roughing the crown race seat, then that's also finished off with the proper Park crown race tool. For mitring, I have my cheapish mitring system described elsewhere on this forum.
So lathes are lovely, but I don't think they're essential for framebuilding. Then again, all those reaming and facing tools cost quite a bit more than an old lathe would cost - though they are might lighter and easier to store.
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