You are lucky to inherit it, I had to buy mine. That was about 20 years back and still going well. The only real modification for mine has been a 3ø variable speed motor and worth every penny. There is little or no maintainance on it as the head stock bearings are ball races. For lubrication of the tail stock I use either a silicon slip type spray or a non oil cycle chain lubricator. They both work well and don't attract and hold wood dust.
I think that the only differernce between the CL1 and 2 is that the 2 has a 2MT head and tail stock. The CL1 has a 1MT. It's a great lathe and I'm sure that you will have loads of fun and enjoyment with it!
I have turned up to 18" diameter on mine with the head swiveled and the large bowl attachment and down to some tiny dolls house candle sticks that stand just about 1" high. What more could you ask for?
You didn't say if any chucks or tools came with it?