I went down the route of making my own tools from HSS steel, it is a great start. But a little old fashioned like some people are. Would you drive your car using hand signals because that is how it used to be done. No. These days & with modern materials you do not need to go down that route unless you plan to make something special that requires a certain angle of cut or radius.
You are asking the same questions that I asked when I came onto this forum. I was told to leave the lathe alone & just use it. One member suggested to wait 2 years before doing any mods , so I could get used to machining etc. Did I listen.???. The main things are is the bed of the lathe true. Is the cross slide accurate with none or little play. Is the headstock free of any lateral play. Make sure you keep it well lubricated with oil & not grease. Read the blurb on the myford website for your model. You can fit the quick change tool post easily as I did.
Look for the thread that I started. (Myford only). It was not hard to convert. My S7 came with a toolpost of the basic kind, which meant that every time I wanted to fit a cutter. I had to pack it with shims, bits of hacksaw blades & anything else I could find. I now have the new one fitted & it is superb. I have an array of tool holders on a magnetic strip at the side of the lathe. Right hand cut, left hand cut, Straight cut. 1 spare. Some more on order to do boring & I need another for parting. I am fortunate that I can purchase the things I need due to investing in my pension fund some years ago.
I understand that some members have to manage on a basic pension & for that I do feel sorry for them. But if you can afford to spend a few pounds on the lathe to bring it up to modern specs, then do. The myford site do a quick change tool post that fits your lathe. I went down a different route.
I bought a toolpost from the USA. The one I wanted was a Chinese version but there were none available from China. Tells you something. This was before the out break of the current disease. Also a warning. Do not order anything from China at the moment as you will not get it.
If you have some metal of any kind, then try it in the chuck. Turn it gently to make sure it is central & not wobbling about. Fit a cutter & have a go at machining some thing. Read some books on machining, or ask anything on here. Length of cut without support. etc etc. This forum is a mind of information, so ask away. I now have some cutters with the inserts & they are very good, do not need re sharpening every 2 minutes. Also they sell the carbide brazed cutters that are very good too.
I am sorry if my comments insult any members but I am trying to be as honest & direct to a new member that just wants to do some machining. Without an apprentiship.