I have a graduate (hence my name) and a denford viceroy, both ex schools. The graduate is cast iron throughout and is a heavy, rock solid beast. I love it. The viceroy is also a good, solid machine, not all cast iron but sturdy nevertheless. I prefer the outboard arrangement on the viceroy, plus the tailstock is 3MT. The graduate outboard is a bit awkward and the taistock is 2MT. I prefer the banjo on the graduate, the viceroy has a handle underneath the bed which is more awkward.
So, why am I prettling on about the viceroy when you asked about graduates? Well both were common in education establishments and can be found for sale now that computers are more important that tools. So if you should see either then I would recommend you take a closer look - either way you would get a good machine.
BUT - both are dated designs, so no variable speed (unless you go 3 phase plus inverter), no rotating headstock etc. The graduate spindle is 1 1/3 x 6tpi on both sides (another reason I prefer it) whilst the viceroy is 1 1/2 x 8 tp - same as Southbend etc metal lathes but you will have a job finding a woodturning chuck to fit without an adapter. The outboard is 1 1/4 x 9tpi and good luck to you in finding anything that matches that. These threads are not the common industry standard now (M33 is, or 1" x 8tpi) so expect chucks, faceplates etc to be more difficult to source.
Apart from that, I love both my lathes, and if I had to choose then it would be the graduate. Finally, take a look at the excellent site lathes.co.uk for information on these (and thousands on other machines).
K
