It is all I use, Bridgeport for anything most use drill presses for. Thru drill in a $40,000 Hardinge tool room lathe
and use a gigantic band saw at work also. I do all my turning at home on a wood lathe though. I just wipe everything down before and after use in the shop. I cover up as good as I can. Once in a while shouldn't be a problem. Millions of plugs would make a mess eventually. As far as converting a lathe for wood anything is possible but I wouldn't waste my time personally. I would buy a wood lathe. Chum uses a converted metal lathe and you know how good his stuff is. Good luck.