So you get a Shopsmith and it is new to you. This versatile machine will do or help you do many things in woodworking. Some folks think that this machine is only a lathe, but it is so much more. This is dedicated to the Mark V (500 series - 500, 505, 510, 520 including the Power Pro). You should inventory to see if you have the following parts.
In the lower left is the powerhead with the quill showing. On the masonite board are the tool rest, live center, dead center, box with faceplate, adjustment insert, and tail stock. Of course the mighty and almost universal allen wrench is with the red handle. It is 5/32".
These tubes go into the end of the way tubes or the end holder for the way tubes. These collars can be loosened to allow for height adjustment. There will be another picture to show how to the 2 spurs align. Before we do that we need to make one other adjustment.
This is the adjustment for the live center holder. Since I know where mine goes, it takes about 10 seconds to set and tighten the set screw. Once you get this set, you will rarely every have to set it again.
At this point, you can't be sure that it is set correctly so just enough force to hold it in place. Time to set up the tailstock.
We are going to put the tailstock in place on the Shopsmith and make another tweak. The silver roller underneath is actually both a handle and a tightening roller. There is a screw in each end and when the roller is turned, the screws either screw out into the bracket or contract so it can be removed or the attachment can be removed. I have mine set so while standing at the end of the machine, I can roll it up and tighten the attachment or Special Parts Tool (SPT).
Now we are going to take a 15 second detour to the headstock to install the drive spur.
Unlike conventional lathes where you insert a morse taper for a number 1, number 2, number 3 or number 4 taper, you must use a drive spur with a 5/8" bore with a set screw. Some will argue that the set screw must be a hollow point and other will say you need a flat point. When I worked with dust filter equipment in Cleveland, OH, in 1966 to early 1968, we used hollow points where there would be a lot of stress. I am not an engineer so I have to rely on what I was taught and it has worked well for me. There are other drive spurs out there and I have my eye on a stuben? drive.
Bring the headstock close to the tail stock, advance the quill on the headstock (yes, it, too, is backwards from conventional wisdom) so with the drive spur in place and the tail spur in place, you can see if the tips align correctly. Now is the time to adjust the height, turn the swivel until the tips align from side to side. Tighten all the set screws and you are done adjusting the tail stock.