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That is enough for you to get going, no doubt. You have just added a "bed" to your lathe. Lose the spring as mentioned above, oil the chain and keep an eye on the tension and have at it. You should have two thumb screws and two metal, holders that fit into the groove on the front of the black horizontal surface.
As for improvements, what it best attaches to is a flat cast surface with a slot running left to right. A bed extension would be too long and keep your tailstock too far out. I would consider formica top with a T-slot cut in it centered over the tube.
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