Hi Steve, as Neil says there are many opinions and no one will be wrong, there are too many variables, Thors link to Smithy I think will be the most useful to you it's plain and simple. Keep in mind that many of these tables are probably on the assumption that you have your work flooded with coolant —- probably not ? so slow down the surface speed and feed to suit.
HSS should be good for most things especially on small lightweight machines BUT I have found that some of the imported HSS is a poor substitute for good quality and branded UK, USA, European made tools. although nowadays you never really know where tools are made but a high profile brand is probably a good guide to quality. I have tried far eastern HSS and it does not perform as well or at least the sample I had didn't . I tend to look on EBay for Eclipse, Super Capital, Osbourn etc but I reckon I have enough supplies now.
Yes you can cut at a faster speed with carbide but I have been cutting metal for well over 50 years and on my lathes I mainly use HSS, I do have some carbide tools but HSS is much more versatile and I have never had a problem unless you try to cut very high tensile pre heat treated alloy steels, remember we are not on a production line where time is money.
Chucks, we'll all mine are European, Bernard and TOS, I have tried a couple of Far East ones and not to the standard I want but being mindful of price they are good value, all depends on what you want. As others have said you will not get 100% truth from any self centering chuck but you will get a much better performance from the likes of TOS, Bernard, Bison etc. you pays your money !
I don't know what the mounting system is on your lathe but it is essential to ensure the back plate is machined to a precise fit on YOUR machine spindle and then turn the register for the new chuck with it mounted on your lathe.
Well that's my five penneth good luck and enjoy your machines.John
Edited By JohnF on 09/08/2015 19:09:45