I've been lurking here for some time, and I've been really inspired by some of the awesome builds out there.

However, now it's time to start my own build. So, here goes. The intention is to keep this topic updated as I progress the build.
Lathe
I don't have an existing lathe, or access to one, so I'll be building my own. The first target for the lathe will be an existing mono cutter head, followed (hopefully) by a stereo cutter head.
To get the lathe off the ground I thought it best to get the control electronics done first. So, I spent some time over the last few weeks building a "demo" to get the stepper working with an Arduino clone. I've opted for a "remote control model": the Arduino will be connected to a PC and receive commands (via USB/serial) from some software that will run on the PC. The arduino will be responsible for timing and driving the stepper, something that a PC may have issues with (given it's also busy doing other things; context switching and interrupts).
I read somewhere that a directly driven lead-screw might not be ideal either, because it introduces sound into the cutting process, but I'll start with this and can always change to a belt-driven version later.
I don't have the experience to build something in metal, so I'll be using my favourite material: wood (it's very forgiving). The following picture shows the initial frame I built recently. It fits nicely over my 301, which I'm hoping will have sufficient torque for cutting.

Cutter head
The cutter head (initial, unfinished design below) will be 45/45 stereo head, using a neumann torque tube and vspring. The body will be crafted in 6mm metal; I'll get a friend to help out with that part. I'll be using a pair of AuraSound Cougar (extended range) drivers, and some kind of concical shape to take the movement from the driver to the torque tube. I see people using little metal funnels... looks like a great idea.
Following EpicenterBryan's advice, I've opted to get a ready-made torque tube from ROLANDJAYS. Looking forward to getting that in the post one of these days. I doubt I could have engineered one myself. When that arrives I'll be able to finalise the head design and get that body built.

The design is missing a back plate for the piano wire anchor to the torque tube. I'll handle that when I update the design.
More updates soon (hopefully).