Congrats on purchasing the new lathe Luis, you'll have a great time learning how to operate it safely. You also will have to have great patience, as there is quite the learning curve. To make it easier on yourself, you should look into purchasing a set of Carbide tools to turn with. They stay sharp much longer, and there are only three of them to purchase to get a full set. They are a little more expensive, but they are worth the extra money. The new cutters are easy to replace, and they are not very expensive. I do have one concern about your new purchase though, and it's the speed selection. Personally, I think that starting out at around 1000 rpms is a bit to fast, be very careful and only mount items that are already balanced. Remember to stand to the side when starting the lathe, that way, your out of harms way and you shouldn't get hit by any flying objects. As for the height of your stand, you should stand up straight and measure up from the floor to the elbow with your arm bent at 90 degrees, that is the height that the spindle of your lathe should be at. So, whatever the measurement is, all you have to do is to measure from the middle of the spindle to the bottom of your lathe. Once you do that, you will subtract that number from the first measurement and that should give you the proper height for the top of your stand. Or, you could build a stand that holds your lathe, so, that the spindle center is at 42"-44" off of the floor. Sorry for such a long answer, and I hope that you are able to figure out what I'm trying to say. Good luck.
Len
P.S. Is that a Canadian flag sticker on the side of your hard hat?