I don't own any Proxxon tools, but I have the impression that they're quality merchandise. (I do have a MicroMark variable-speed table saw, which I think is identical to the one sold under the Proxxon label. I'm completely satisfied with it.) I suspect that Proxxon wood lathe would do the job more than adequately.
The problem is that a lathe like that won't do a lot more for a ship modeler than taper and smooth dowels. For a little (well, more than a little) more money you can get a lathe with a crossfeed, which can also turn metal, plastic, and virtually anything else. My lathe is a Unimat SL, which I bought in 1975. (Still going strong, though it's had its motor replaced once.) It has a hollow headstock. On those rare occasions when I need to turn a particularly long spar, I generally start by feeding the dowel through the headstock from the back end and turn half of it. Then I turn the dowel around, feed the other end through, and turn the rest. When it comes time for the final smoothing-out, I remove the tailstock, chuck the fat end of the dowel into the headstock, and hold the other end in my right hand while the left hand holds the sandpaper. It's a little awkward, but it works fine.
This is probably none of my business, but I can't help wondering whether, at this point, a lathe really is the best power tool for you to be spending you money on. If you're just thinking in terms of tapering spars, you can get perfectly good results with an electric drill. Clamp it down to your workbench, chuck the dowel in it, and hold the other end of the dowel in your free hand (preferably with the help of a soft rag, unless you enjoy the smell of burning flesh). At least one company makes a drill attachment that works about like the gadget in Ed Grune's photo. You can clamp the accessory "tailstock" on the edge of a bench or table at any distance from the drill you like.
Do you already have a Dremel Moto-Tool or something similar? If not, I think most experienced ship modelers would agree with me: that's the first power tool to buy. You can do all sorts of things with it, from drilling holes to cutting slots to polishing metal to sharpening tools to routing decorative edges around baseboards. Just be sure to get a variable-speed version - or, even better, a single-speed tool with an accessory speed control that goes down to (or near) 0 rpm. (The slowest speed on most Dremel variable-speed models is 5000 rpm. A drill bit running at that speed will melt plastic and burn wood unless it's extremely sharp.) The truth is that, for at least 90 percent of the jobs involved in plastic ship modeling, the smallest battery-operated Dremel tool will be more than satisfactory. It costs less than $50.00.
My current favorite "motor tool" is a little gadget marketed by a German company called We-Cheer. (I think it's made in Taiwan; you might be able to find the same tool under a different label.) It's about seven inches long, light as a feather, and uses Dremel chucks. I keep it plugged into my ancient Dremel "Tabletop Speed Control," but any other speed control designed for power tools surely would work. I bought the thing at Woodcraft for $25.00. Here's a link: http://www.woodcraft.com/family.aspx?FamilyID=3736
All this is, of course, a matter of entirely personal opinion. You're the best judge of what tools are most appropriate for your purposes. Good luck.