I've been reloading on a Lee Loadmaster for about 2 years now and I love it. A great progressive press of the price. I reload 9mm, 38 Special, 357 magnum, and 45 ACP. I just purchased the dies/components to start loading .223, but haven't loaded any cartridges yet. I have loaded several thousands rounds of pistol calibers so far. If you get everything setup and get into the groove, you should be able to load ~300 rounds an hour.
Some of my thoughts:
(1) When loading pistol calibers, be sure to buy a Lee Universal decapping die and use the following setup:
Station 1: Lee Universal Decapping Die - deprime in this station
Station 2: Sizing/Depriming Die with depriming pin removed. I've found this setup will save you from many reloading headaches. This centers the cartridge while priming and drastically cuts the rate on priming misfeeds.
Station 3:
Powder Through Expanding Die - you'll be belling the case mouth and charging the cartidge
Station 4: Bullet Seating Die
Station 5: Factory Crimp Die
Check out gavintoobe's youtube channel
Lee Loadmaster Loading .223 - 5.56 NATO - YouTube
(2) To go from a pistol setup to a rifle setup is simple. The only rifle specific components you'll need are a Lee Double Disk Kit and Rifle Charging Die, which you can get for about $10 each. Check out natchezss.com for Lee components, good prices and decent shipping rates. Other than the Disk Kit and Rifle charging die, all you'll need is the normal caliber conversion components, such as, Shell Plate and caliber specific die sets.
(3) Keep your press clean and lubed. After every thousand rounds or so I make sure my press is clean and lubricated. Again, this will help indexing the press and save you a lot easily avoided aggravation.
(4) Don't be afraid to use a dry lube on your carbide dies. Get yourself a can of dry lube, I use Hornady One Shot. Give your brass a quick spray, makes reloading a lot easier on a progressive press like the Loadmaster.
Feel free to PM me if you have any questions, be happy to help answer any questions that I can. Good luck!