As far as I know Emco machines are fine, if pricey. One thing - most model engineering designs, such as Simplex, are years old and have Imperial dimensions, ie inches, fractions of inches and 'thous'. For an old timer like me, this is fine, this is how I was taught, but if you were taught metric measurement it could be very difficult. To convert all dimensions to metric will be a real pain. I'm not sure, but I think that Emco might make metric lathes only, ie metric pitch leadscrew, metric dials. A lathe such as an ML7 or the older Colchesters, Boxfords etc will almost certainly have imperial leadscrews and dials. Another thing to consider when thinking about making a model such as Simplex is that you also have to generate flat surfaces as well as round objects. So you either have a lot of filing to do or you have to find a means of milling metal. This either means a milling machine or buying a lathe such as the ML7 where attachments can be purchased to enable milling to be carried out. This will not necessarily be possible on some of the other lathes such as Colchester etc.
This might all sound if I'm trying to put you off of model engineering. Far from it, I'm just trying to ensure that you dont spend your money and then find you cant do what you want to do. It is horrendously expensive to set up - on top of the machine(s) you will need drills, drilling machine, taps and dies, nuts, bolts, rivets, heating apparatus for silver soldering or brazing, the list seems endless. However, if you can overcome this, its incredibly rewarding. Dont rush it -get the right one.