If you have to ask then clearly you have a lot to learn so it's great that you came here rather than waste money and ask afterwards.
First never buy 'sets'. They are all the shapes nobody wants. Next don't buy Chinese tipped tools in sets or singly as they are tipped with reject cheese. Next don't buy 'gimmick' or branded special tools or 'this will solve all your problems' tools etc until you know what you are doing in about 3 years.
Don't buy 'inserts', or insert tool holders or 'this is wonderful' tool holders.
Don't buy big fat half inch or larger tools just because they will fit in the toolholder. It just means you have a load more expense and have to grind most of it to dust to get the shape right.
Don't be worried about fitting shims to get the height it is utterly trivial and only takes seconds. You don' tneed a quick change tool post to set the height. On a lathe this size you don't need to set the height to better than by eye on centre height.
So what do you get? Look on ebay for a collection of a few bits of used HSS coming in about £1 each including postage. You do not need special brands of HSS or cobolt or blah blah magic metal.
Get a grinder like this
Join you local club. Local being within 40 miles it is still worth the trip once a month.