The 7x10 lathe from Harbor Freight is exactly what I have and it is just fine for making or modifying wheels. I am a do it yourself kind of guy and I would not be racing cars if I had to purchase everything. I do have a background in machine shop work that helps a lot, but I am sure if you have the desire you can learn to do this. Here is what you will find almost essential to make the lathe useful: Go to LittleMachineShop.com and buy the Quick Change
Tool Post Set by A2Z, part no. 2461. Cost is $99.95. Then add the Tool Bit Sharpening and Training Set, part no.4516 for $34.95. It has 6 pre sharpened and 5 un sharpened 1/4" tool bits and instructions for sharpening. It will also be helpful if you get their Mini-Lathe users guide - part no. 2247 for $5.95. You can also get some 1/8"x 2 1/2" individual tool bits Part no.1154 for $1.29 each. I like these a lot when working on the inside areas of wheels.
You will also need a bench grinder to sharpen the tool bits. To work on the wheels you can use the 3 jaw chuck that comes with the lathe. If you decide get the lathe and accessories contact me and I can give you more information by PM that you will need to properly mount your wheels, or make new ones from plastic bar stock. Hope this helps you make a decision.