I sell maintenance welding alloys for a living, and let me tell you, welding poor quality cast iron is not a simple task (I hope this is not your case) it can be done of course, either by brazing or by using electrode, the later has the advantage of no need to pre heat to cherry red the part to be repaired.
Either method needs the crack to be stopped, and the suggestions given here are the only way: drill a hole at the end of the crack.
If you plan to weld it, 1st make a chamfer all along the crack, welding rod only penetrates 1/3 of its diameter into the base metal, so if the wall is thick a chamfer is a must.
Also for cast iron, using a welding pattern like this helps to avoid further cracks:
--(1)--> <--(4)-- <--(3)-- <--(5)-- <--(2)-- this is to distribute heat evenly, keep the pattern for each layer. (use blackboard chalk to draw the pattern into the piece)
[edit] forgot to add, if you decide to weld, try to avoid doing it vertical, do it flat, it will improve your chances of a good repair significantly... I know its a lathe and is heavy, but I just wanted to let you know.
Isn't it covered by the manufacturer warranty?
Good Luck!
Pablo