Jaager

Go back in your mind - to your past builds and envision the steps that took the most time or were repetitive.  Then try to imagine a power tool that would speed that up.
Then, start your next project and when you get to such a place, buy the tool that you think will help.
By focusing on kits, your tool needs will be significant less than a scratch builder.
 
A heavy and an expensive power tool investment is going self sufficient in your lumber.  Full size cutting and milling (resawing).
Scratch POF responds well to the appropriate tools.
Scratch POB can get by with less.
Unless you intend to fabricate your own new power tools, that require working steel or Al,  two seductive tools that will not get enough use to justify their cost = a lathe and a mill.
 
You are in a position to cut an individual path, should you wish to come over to the dark side = scratch POF.  You have easier access to plans of vessels important to your region - 
Chapman and the Danish museum.
 

If turning spars is your goal,  a generic corded electric drill and a speed control -  not sure a dimmer switch will work,  but low cost if it does.
If you can set a remote ON a maintain  the internal speed control setting, no additional switch is needed.
Even 1/2 inch drills are significantly less expensive.
For this, a lathe is a sledge to kill a fly.

Fixing a dowel or wood balk in lathe jaws and being able to turn a even - constant tapper - a nice dream.  Reality and practicality drown that dream in mot instances.
The spars are often too long for lathe models in our price range.  In scales where they are short enough, their diameter = difficult to resist the lateral force of a cutting tool 
without breaking. 
Clamp an electric drill to turn the spar and use sandpaper to shape it.  Amazon (and probably others) sell low cost ball bearings with a range of OD and ID sizes.
A jig to hold the bearing is easy to make and wooden or cardboard wedges can support the outboard end of the spar with no friction heating up the spar piece as it turns.

Go back in your mind - to your past builds and envision the steps that took the most time or were repetitive.  Then try to imagine a power tool that would speed that up.
Then, start your next project and when you get to such a place, buy the tool that you think will help.
By focusing on kits, your tool needs will be significant less than a scratch builder.
 
A heavy and an expensive power tool investment is going self sufficient in your lumber.  Full size cutting and milling (resawing).
Scratch POF responds well to the appropriate tools.
Scratch POB can get by with less.
Unless you intend to fabricate your own new power tools, that require working steel or Al,  two seductive tools that will not get enough use to justify their cost = a lathe and a mill.
 
You are in a position to cut an individual path, should you wish to come over to the dark side = scratch POF.  You have easier access to plans of vessels important to your region - 
Chapman and the Danish museum.
 

Go back in your mind - to your past builds and envision the steps that took the most time or were repetitive.  Then try to imagine a power tool that would speed that up.
Then, start your next project and when you get to such a place, buy the tool that you think will help.
By focusing on kits, your tool needs will be significant less than a scratch builder.
 
A heavy and an expensive power tool investment is going self sufficient in your lumber.  Full size cutting and milling (resawing).
Scratch POF responds well to the appropriate tools.
Scratch POB can get by with less.
Unless you intend to fabricate your own new power tools, that require working steel or Al,  two seductive tools that will not get enough use to justify their cost = a lathe and a mill.
 
You are in a position to cut an individual path, should you wish to come over to the dark side = scratch POF.  You have easier access to plans of vessels important to your region - 
Chapman and the Danish museum.
 

It depends on the tools available to you.  If you can mill,  a visit to your local HomeDepot or hardware store can
supply you with a best quality framing 2 x 4.  They will crosscut - 2 ft for me.  One should cover more than one POB.
Some times Fir or Pine - just choose clear, and low sap.  Easy on a saw blade or cutting edges but holds an edge.

Access your available woodworkers suppliers.  My go-to is WoodCraft - it is a close drive, and has an active Web sales site.
The product that you want is hardwood veneer.  A species of wood with tight grain and closed pore.  In the US - the lower cost species = Black Cherry - Hard Maple.  Take care in the choice.  Most veneer is for the very characteristics that we need to avoid = high contrast and interesting grain.  Many of the species are also open pore.  When reduced by a factor or 50-100, the pores would be soup bowl size or shallow ditches. 
Factors that are desirable - natural,  quarter sawn or plane sawn,  no pre-glue backing,  as thin as can be had.
You will be adding a fixed additional thickness to the hull, so all planking- including the wale needs the treatment.  If the veneer is too thick, the rail will not appear to extend out enough. If you fatten it, it will be too wide.
If you copper the bottom - the thickness of the copper chosen may match the veneer and no planking needed under it.  If it is not too late,  consider not having the swimming body look like a smallpox survivor and use a smooth copper product - in place of an out of scale - too few anyway - embossed product.
 
The veneer will require a heavy precise straight edge and a sharp knife - most of us seem to prefer a #11 style edge.  Using a luthier's knife and a leather strop with gold or green compd - used frequently - will aid in developing better working habits.

Why not spill and build up from pieces?  Bending thru the thick dimension is fighting against the nature of the wood.
 
Dziadeczek,    I am betting that the wood in question is kit supplied.   African Walnut is probably relatively low cost and
can be advertised a something special by kit mfg.   Black Walnut ( Juglans nigra )  is in a class by itself. I would guess that
although a reasonable cost and available here, it is probably neither in OZ.   Queensland Walnut is native to OZ and may be
superior to the African species - if Mark can mill it.
All Walnuts share a problem for our purposes  - open pore and some have grain that scales poorly.

Access your available woodworkers suppliers.  My go-to is WoodCraft - it is a close drive, and has an active Web sales site.
The product that you want is hardwood veneer.  A species of wood with tight grain and closed pore.  In the US - the lower cost species = Black Cherry - Hard Maple.  Take care in the choice.  Most veneer is for the very characteristics that we need to avoid = high contrast and interesting grain.  Many of the species are also open pore.  When reduced by a factor or 50-100, the pores would be soup bowl size or shallow ditches. 
Factors that are desirable - natural,  quarter sawn or plane sawn,  no pre-glue backing,  as thin as can be had.
You will be adding a fixed additional thickness to the hull, so all planking- including the wale needs the treatment.  If the veneer is too thick, the rail will not appear to extend out enough. If you fatten it, it will be too wide.
If you copper the bottom - the thickness of the copper chosen may match the veneer and no planking needed under it.  If it is not too late,  consider not having the swimming body look like a smallpox survivor and use a smooth copper product - in place of an out of scale - too few anyway - embossed product.
 
The veneer will require a heavy precise straight edge and a sharp knife - most of us seem to prefer a #11 style edge.  Using a luthier's knife and a leather strop with gold or green compd - used frequently - will aid in developing better working habits.

Access your available woodworkers suppliers.  My go-to is WoodCraft - it is a close drive, and has an active Web sales site.
The product that you want is hardwood veneer.  A species of wood with tight grain and closed pore.  In the US - the lower cost species = Black Cherry - Hard Maple.  Take care in the choice.  Most veneer is for the very characteristics that we need to avoid = high contrast and interesting grain.  Many of the species are also open pore.  When reduced by a factor or 50-100, the pores would be soup bowl size or shallow ditches. 
Factors that are desirable - natural,  quarter sawn or plane sawn,  no pre-glue backing,  as thin as can be had.
You will be adding a fixed additional thickness to the hull, so all planking- including the wale needs the treatment.  If the veneer is too thick, the rail will not appear to extend out enough. If you fatten it, it will be too wide.
If you copper the bottom - the thickness of the copper chosen may match the veneer and no planking needed under it.  If it is not too late,  consider not having the swimming body look like a smallpox survivor and use a smooth copper product - in place of an out of scale - too few anyway - embossed product.
 
The veneer will require a heavy precise straight edge and a sharp knife - most of us seem to prefer a #11 style edge.  Using a luthier's knife and a leather strop with gold or green compd - used frequently - will aid in developing better working habits.

Access your available woodworkers suppliers.  My go-to is WoodCraft - it is a close drive, and has an active Web sales site.
The product that you want is hardwood veneer.  A species of wood with tight grain and closed pore.  In the US - the lower cost species = Black Cherry - Hard Maple.  Take care in the choice.  Most veneer is for the very characteristics that we need to avoid = high contrast and interesting grain.  Many of the species are also open pore.  When reduced by a factor or 50-100, the pores would be soup bowl size or shallow ditches. 
Factors that are desirable - natural,  quarter sawn or plane sawn,  no pre-glue backing,  as thin as can be had.
You will be adding a fixed additional thickness to the hull, so all planking- including the wale needs the treatment.  If the veneer is too thick, the rail will not appear to extend out enough. If you fatten it, it will be too wide.
If you copper the bottom - the thickness of the copper chosen may match the veneer and no planking needed under it.  If it is not too late,  consider not having the swimming body look like a smallpox survivor and use a smooth copper product - in place of an out of scale - too few anyway - embossed product.
 
The veneer will require a heavy precise straight edge and a sharp knife - most of us seem to prefer a #11 style edge.  Using a luthier's knife and a leather strop with gold or green compd - used frequently - will aid in developing better working habits.

Why not spill and build up from pieces?  Bending thru the thick dimension is fighting against the nature of the wood.
 
Dziadeczek,    I am betting that the wood in question is kit supplied.   African Walnut is probably relatively low cost and
can be advertised a something special by kit mfg.   Black Walnut ( Juglans nigra )  is in a class by itself. I would guess that
although a reasonable cost and available here, it is probably neither in OZ.   Queensland Walnut is native to OZ and may be
superior to the African species - if Mark can mill it.
All Walnuts share a problem for our purposes  - open pore and some have grain that scales poorly.

If turning spars is your goal,  a generic corded electric drill and a speed control -  not sure a dimmer switch will work,  but low cost if it does.
If you can set a remote ON a maintain  the internal speed control setting, no additional switch is needed.
Even 1/2 inch drills are significantly less expensive.
For this, a lathe is a sledge to kill a fly.

If turning spars is your goal,  a generic corded electric drill and a speed control -  not sure a dimmer switch will work,  but low cost if it does.
If you can set a remote ON a maintain  the internal speed control setting, no additional switch is needed.
Even 1/2 inch drills are significantly less expensive.
For this, a lathe is a sledge to kill a fly.

If turning spars is your goal,  a generic corded electric drill and a speed control -  not sure a dimmer switch will work,  but low cost if it does.
If you can set a remote ON a maintain  the internal speed control setting, no additional switch is needed.
Even 1/2 inch drills are significantly less expensive.
For this, a lathe is a sledge to kill a fly.

Lacquer has its own thinner.  The irritant factor of the traditional version is fierce - you will want to be breathing a different air supply.
The more recent "green" version is not an improvement in that regard.
Lacquer can be wiped on, but it is high gloss and builds thick layers.
Poly - polyurethane - is a plastic.  Works great to finish and protect a wooden floor.
Both tend to produce a thick, high gloss finish.  Great for a toy-like finish - if that is what you want.
I think a convenient factor with wipe-on poly - water is the solvent.
 
Shellac is a wipe on finish.  The depth and gloss can be controlled.
Shellac tinned 1:1 is an excellent primer coat. About anything else can be used over it.
Shellac uses alcohol - methanol or isopropanol 100% - or ethanol that has no water-  Shellac likes water - it likes it so much, that it turns white to show its joy.
Shellac and boiled linseed  oil is traditional vanish.
A shellac pad with a bit of linseed oil is French polish.
Pure Tung oil can be wiped on, thinned, 1:1 it is a primer coat, or done over Shellac, as many layer as you care to apply, but can take time to dry/polymerize.
Tung oil uses mineral spirits as a solvent.
Sutherland Wells sells a "cooked" Tung oil is several grades - pre polymerized - fewer layers - faster drying - gloss level a choice.
Renaissance Wax can be used over Shellac or Tung oil.

To essay as to why this search may be a dry hole
 
The two "POF" schooner kits -  Are not what an actual POF hull would be.  They appear to be at best 1/3 room and 2/3 space. Almost a cartoon, if the frames are left unplanked.
 
The Hahn method - a modeler's convention - not a reproduction of actual hull framing is 1/2 room and 1/2 space.
The actual framing - from the early 18th century until 1860 was individual to the ship and country of origin.  An average - would
be closer to 2/3 room and 1/3 space.  The other extreme - with some Continental frigates - all room except for all but invisible air circulation gaps.
Framing these as built and showing the frames - it would  be essentially a solid vertical wall - not visually interesting at all.  Leaving out every other 
bend - a more interesting hull.  Since this is Hahn's period of interest, perhaps this is a source for his style.
 
It is my experience that a true POF hull - either done using a modeler's convention style e.g. Hahn/ Navy Board or actually mimicking the
the actual vessel would be difficult to mass produce.  It is labor intensive,  No two parts are identical.  Current methods - especially Hahn or Navy Board -
have a high waste factor in timber wood stock - almost profligate.  And the wood species needed for the timbers can be expensive. 
In actual practice,  a first rate almost required a forest to frame.  In England, the first real one was so expensive,  the tax revolt was a tipping point for a 
major change in governance.  The requirements for timber stock for a model in the larger scale range almost feels as significant.
 
With the methods in current use,  about the only short cut is to start with a set of plans or monograph with the individual frames already lofted.

To essay as to why this search may be a dry hole
 
The two "POF" schooner kits -  Are not what an actual POF hull would be.  They appear to be at best 1/3 room and 2/3 space. Almost a cartoon, if the frames are left unplanked.
 
The Hahn method - a modeler's convention - not a reproduction of actual hull framing is 1/2 room and 1/2 space.
The actual framing - from the early 18th century until 1860 was individual to the ship and country of origin.  An average - would
be closer to 2/3 room and 1/3 space.  The other extreme - with some Continental frigates - all room except for all but invisible air circulation gaps.
Framing these as built and showing the frames - it would  be essentially a solid vertical wall - not visually interesting at all.  Leaving out every other 
bend - a more interesting hull.  Since this is Hahn's period of interest, perhaps this is a source for his style.
 
It is my experience that a true POF hull - either done using a modeler's convention style e.g. Hahn/ Navy Board or actually mimicking the
the actual vessel would be difficult to mass produce.  It is labor intensive,  No two parts are identical.  Current methods - especially Hahn or Navy Board -
have a high waste factor in timber wood stock - almost profligate.  And the wood species needed for the timbers can be expensive. 
In actual practice,  a first rate almost required a forest to frame.  In England, the first real one was so expensive,  the tax revolt was a tipping point for a 
major change in governance.  The requirements for timber stock for a model in the larger scale range almost feels as significant.
 
With the methods in current use,  about the only short cut is to start with a set of plans or monograph with the individual frames already lofted.

Lacquer has its own thinner.  The irritant factor of the traditional version is fierce - you will want to be breathing a different air supply.
The more recent "green" version is not an improvement in that regard.
Lacquer can be wiped on, but it is high gloss and builds thick layers.
Poly - polyurethane - is a plastic.  Works great to finish and protect a wooden floor.
Both tend to produce a thick, high gloss finish.  Great for a toy-like finish - if that is what you want.
I think a convenient factor with wipe-on poly - water is the solvent.
 
Shellac is a wipe on finish.  The depth and gloss can be controlled.
Shellac tinned 1:1 is an excellent primer coat. About anything else can be used over it.
Shellac uses alcohol - methanol or isopropanol 100% - or ethanol that has no water-  Shellac likes water - it likes it so much, that it turns white to show its joy.
Shellac and boiled linseed  oil is traditional vanish.
A shellac pad with a bit of linseed oil is French polish.
Pure Tung oil can be wiped on, thinned, 1:1 it is a primer coat, or done over Shellac, as many layer as you care to apply, but can take time to dry/polymerize.
Tung oil uses mineral spirits as a solvent.
Sutherland Wells sells a "cooked" Tung oil is several grades - pre polymerized - fewer layers - faster drying - gloss level a choice.
Renaissance Wax can be used over Shellac or Tung oil.

Lacquer has its own thinner.  The irritant factor of the traditional version is fierce - you will want to be breathing a different air supply.
The more recent "green" version is not an improvement in that regard.
Lacquer can be wiped on, but it is high gloss and builds thick layers.
Poly - polyurethane - is a plastic.  Works great to finish and protect a wooden floor.
Both tend to produce a thick, high gloss finish.  Great for a toy-like finish - if that is what you want.
I think a convenient factor with wipe-on poly - water is the solvent.
 
Shellac is a wipe on finish.  The depth and gloss can be controlled.
Shellac tinned 1:1 is an excellent primer coat. About anything else can be used over it.
Shellac uses alcohol - methanol or isopropanol 100% - or ethanol that has no water-  Shellac likes water - it likes it so much, that it turns white to show its joy.
Shellac and boiled linseed  oil is traditional vanish.
A shellac pad with a bit of linseed oil is French polish.
Pure Tung oil can be wiped on, thinned, 1:1 it is a primer coat, or done over Shellac, as many layer as you care to apply, but can take time to dry/polymerize.
Tung oil uses mineral spirits as a solvent.
Sutherland Wells sells a "cooked" Tung oil is several grades - pre polymerized - fewer layers - faster drying - gloss level a choice.
Renaissance Wax can be used over Shellac or Tung oil.

The plans in HIC books are available from The Smithsonian for $10 a sheet plus $5/12 postage.
The line scan is crisper. 

I have one  I really really don't like it.     (Actually two - I inherited one from my father.)
My Jarmac is sort of pitiful too.
Neither is in the same galaxy as a Byrnes table saw.
Way under powered, your photo of the motor really brings that home.
Feels - cheesy, lots of play   - It needs fixing to a sturdy base.
The open back can be covered with a plate of cardboard or hardboard with a hole and connector for a shop vac hose
A spacer at each bottom corner between the bottom of the unit and a base may provide better air circulation.
The fence is long enough that a clamp might be fixed to the back to better lock the position - once you adjust it parallel to the blade. Gonna want to affirm that it is parallel with each movement.
The OEM gauge is not all that great.  There are 3rd party miter gauges - just not many that are cost effective. 
 
You can make a sliding table - definitely worth the effort.
With something like this:
STEELWORKS BOLTMASTER 11285 Flat Aluminium Bar, 1/8 x 1/2 x 36"
A tempered hardboard base
a top edge and bottom edge  piece of wood 1/2" by 1.5"  full width - to keep the slit base as a single unit.  A belt and suspenders level of attachment -   ( glue and screws/dowels ) = hardboard can debond from itself.
a piece of Pine perpendicular to the above outside the bottom support - to cover the blade as it comes thru. -to keep from crosscutting your fingers or hand.
 
I am not sure that the tilting blade feature is not a solution in search of a need.  Having to re tune the blade back to 90 degrees every time does make it more trouble than it is worth.
I advise against being too hopeful in how thick of a billet this saw can rip or crosscut.

If you want to riff a bit, AAMM sells a monograph.  Just one sheet, but also photos of a contemporary museum model.
Amiral Paris included it in Souveniers de Marine, but there is not as much information there as there might have been, since I
think Paris was part of the ship's crew on the Antarctic voyage.
 
 
 
 
 
 
 
 
 
 
 
 
 
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Quarter sawn Maple veneer - A good steel ruler with a tapered edge and a sharp luthiers  knife - with practice = scale planking.  WoodCraft if you have no alternate vendors.
As Dziadeczek says get the finish off and down to raw wood.
Go easy on the calking seam simulation and consider a Walnut shade rather than black.  Subtle, rather than smacking a viewer between the eyes might be worth considering.
A glossy finish on the deck of a working schooner would be death to work on - often wet and almost always moving.
Shellac is an alternate finish - 1/2 strength for first coat.  If it is too shiny, 0000 steel wool can knock that down.  Shellac also meets Oddball's Credo.

It is likely that it is heat and not water that allows lignin bonds to reset.  Water plus heat produce steam, which is more efficient in heat transfer than dry heat - seasoned wood has air spaces - insulation like.