The Orbit was the first LF camera I started with. Just know that it won't be your last. I loved mine, great range of movements, locks down nice, plenty of bellows for great macro shots, etc. It's a great camera, which I've since sold, but I'm thinking of picking up another one for tabletop work. It's too heavy to lug around much outdoors (though I did get it up (way up) over Lake Tahoe a couple of times.
It's a wonderful camera to learn on, as well. As has been mentioned, what you've described is the shutter. Any lens can be put on the camera, you would just need another lensboard with the correct hole size for whatever other lens you get. I have a recessed lensboard made for the Orbit (your lensboards will be 4"x4") if you decide to go really short focal length (65 or 75mm) let me know and I'll send it off to you for the shipping costs. Pick up a cable release as well as a large towel (darkcloth).
I think you made an excellent decision. Large Format has restored my sanity and given me (and thousands of others) great pleasure. BTW, I'm up to 8x10 now, and I'm sure ULF is in my future. I just wish the price of Platinum would go down a little....
Soon you too will know the confusing joy of learning that long lenses aren't always telephoto. In fact, in LF photography most lenses are normal lenses not telephoto, even a 48" (1200mmish) Artar. I've taken to calling them long-focus lenses because it can get confusing talking to those who use smaller formats.
35mm: "210mm lens? What's that like on 35mm?"
4x5: "I guess about 85mm"
35mm: "OK, so a short telephoto."
4x5: "No, it's normal."
35mm: "I thought you said it was like a 85?"
4x5: "Well yeah, but it's not a telephoto."
35mm: "So what's the 4x5 version of a 50mm?"
4x5: "135-150mm or so."
35mm: "So that would be normal?"
4x5: "All my lenses are normal, even the 210."
35mm: "But if the 150mm is like a 50mm in 35mm and the 210mm on 4x5 is like an 85mm in 35mm, then doesn't that make it telephoto?"
4x5: "It's tricky to compare because the formats are so different but just because the 150mm in 4x5 is similar to a 50mm in 35mm and the 210mm in 4x5 is closer to an 85mm in 35mm doesn't make it telephoto, that's a lens design thing. The 210mm is just a longer focal length."
35mm: "Okay, ummm... so what's a wide angle on 4x5?"
4x5: "Any lens can be a wide angle on 4x5, even a 210mm.
4x5: "The wide angle means a wide angle of coverage so a 210mm that covers 8x10 would be a wide angle short focus, but if you use it on 4x5 it is a wide angle long focus."
35mm: "So a 150mm lens on 4x5 is close to a 50mm lens on 35mm and a 210mm lens on 4x5 is similar to an 85mm lens on 35mm but they can both be normal lenses, and the same 210mm lens on 8x10 is a short lens but if it covers it's a wide angle but that lens on 4x5 is a long wide angle, and any length of lens can be normal or wide angle? Could you have a short wide-angle telephoto?"
4x5: "I guess, if someone designed one for some reason."
35mm goes out to buy a Holga.
Thanks, this was a lot of help.