What size of lathe are we talking about? A small toolroom lathe with a few hp, and engine lathe with several or some monster with tens of hours power.
For the larger machines, maximizing efficiency may be worth the effort and perhaps more expensive components. Otherwise as stated above the cost of labor greatly over shadows the running cost.
If we can negate the running cost, the following priority is the performance. Speed is determined by the tools and cutting condition. So whats left is the torque, gear head machines have the benefit of eminence torque at lower speeds for a given motor power. Direct drive machines and those with a fixed mechanical reduction can at best expect a flat rate of torque across all speeds.