Hey Timmycuts- welcome to a great hobby and pastime; IMHO the best way to spend some nights while avoiding the "couch and TV set" syndrome. I too was blessed with the grandpa who opened my young eyes with lapidary then basically left me his shop to carry on his legacy; his picture hangs over my garage shop. Peruano's words are to be revered; you have the opportunity of carrying forth a family tradition while also adding your own personal touch to it and learning and growing in the process.
We have one of your Lortone units at my local club; I used it two days ago, they are very handy. I agree with the 100 mesh diamond grinding wheel and silicon carbide (SIC) belts on an expando rubber wheel to start out as it is very inexpensive, helps you refine your technique, and whets your appetite. It this was meant to be, you'll likely move to diamond products.
Kingsley North is a good web vendor that sends out catalogues to get you familiar with what is out there and available; and has good products/pricing. Also, the single biggest change for me was taking the plunge and joining the local rock club where I quickly learned of the networking that goes on towards identifying lapidary equipment for huge discounts; locations for rock hounding, trading with members, field trips, etc.
Carpe diem.