The inboard side ( over the bed) is threaded 1" x 12 threads per inch ( tpi). The outboard side is threaded 7/8" x 12 tpi left hand. Myford made an early type of chuck but the holding options were limited and these days the more popular option is the 4 jaw self centreing scroll chuck because of its versatility - not cheap though. For information on the ML8, or on hundreds of other lathes etc, search lathes.co
For really useful information on work holding on the lathe, search for holding wood on the lathe youtube video by Mike Peace. It lasts for 1 1/2 hours and is very helpful with innovative ideas as well as standard practices. In fact you will find a mountain of information on youtube regarding all aspects of turning. Of course there will always be the occasional idiot on some sort of ego trip whose ideas are best avoided (like turning a 5 foot diameter bowl by fastening a half ton baulk of timber to the rear wheel of a truck on jacks, or someone chain sawing a bowl blank from a log and holding the log with his foot while wearing open toed sandals - I have seen both of these).
A good book is always an asset and Keith Rowley's is a well respected one. I bought mine from ebay for about £3, well worth it.
Now that you have the lathe, you can start spending serious money - good quality turning tools (and I mean GOOD quality, as cheap tools will ruin your enjoyment as well as the work you produce), work holding kit and tool sharpening kit (essential).
As a matter of interest the inboard thread matches up (almost, but close enough) with standard BSP pipe fittings so yoh can thread on one of these as a cup chuck.
Finally, if you get the chance to buy a metalworking chuck like the one you pictured, od a 3 jaw one at an affordable price then go for it. Not good for holding wood but very useful for holding home made items such as a pin chuck, or an arbor on which you could mount a wire wheel or grinding wheel (be careful here though, these can break apart so test first by listening for a clear ring when tapped, and ALWAYS wear eye protection or full face protection as you will not have a safety screen. Also cover the lathe bed with newspaper to keep abrasive grit off. I occasionally hold a home made wooden collet chuck in mine too, useful if I need to remove the work and replace accurately.
I have had my ML8 for over 30 years and although dated now, I think they are very well made machines that will easily outlast cheap Chaiwanese imports, and they certainly should since the basic version with no outboard turning cost £335 plus VAT in 1985, £385 including outboard turning. That is over £100 at today's prices.
K