hey Ive just checked out the page its a great lathe you have there, and 500mm between centers is fine for most pyro tooling, unless your planning to make, Clarke's fountains or 6lb rockets
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what to make? well that depends on how far along you are with your pyro? start with simple fountain tooling if you trawl through " pyro bin you will see lots of tooling made by amateurs, and this will give you some inspiration.
ive just knocked this up tonight on a 70 year old lathe lol, its a brass 15mm rocket spindle with the spindle length 110mm and 6mm dai and is a simple project just need to make a rammer to suit by drilling up a length of 15mm brass, which again is a good exercise on the lathe.
the other "item" is a former to make old school rocket headings similar to the old "standard" rockets, you basically then wrap waxed paper around it the add layers of pva soaked paper around the formers body, let it dry pop it of and do the same on the top of the former to form a cone, ho don't forget you can do other things with a lathe mill like make steam engines!