The drawback to a Logan 400 is the lack of quick change gear box, but IF you have all the change gears a quick change gear box isn’t totally necessary, just more convenient!
The lack of power feed is another thing. With a power feed you get a better looking finish. To add power feed all you need to do is find the apron from a comparable lathe and they are usually available on EBay.
The quick change gear box is usually available on eBay also.
I have that same lathe, except mine has the QCGB and power feed, mine is also mounted on a factory cabinet with the under mount motor. My lathe was made in 1945 and it still makes nice parts. I use it just about daily!
Learn how to run it properly and it should serve you well!
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