A QCTP is not a necessity. Also, be aware that holders form one make / type are unlikely to fit another.
Finding space to store the holders that i would be likely to use would be difficult in my small congested shop!
A four way post will serve equally well, and hold three tools (I have never managed to use all four slots! )
Tools can be adjusted to centre height by shims. Biscuit tines, or sardine tins tend be about 0.010" (0.25 mm ) thick. You can buy shim stock, if you need thinner, or cannibalise old feeler gauges. Aluminium, or card are not really suitable since they extrude when heavily loaded.
Setting tools to centre height is much easier if you make a Centre Height Gauge
(Look in my albums at the one that I made, why it has two blades will shortly become clear )
Unless the tools are set on centre height, they will not cut properly (if at all if above! , and will leave a "pip" in the middle of the work when the end is faced.)
For parting off, setting the tool to centre height is essential.
Parting off is MUCH easier if the tool is mounted, inverted in a rear toolpost.. My shop made four way rear toolpost carries a HSS parting tool, which is still in service, and has a lot of life left, after about 20 years of use.
Tools in the front toolpost are set to the underside of the upper blade, and tools in the rear toolpost are set to the topside of the lower blade.
Be VERY wary of mounting a parting tool inverted in the front toolpost and running the lathe in reverse.
With a screw on chuck, such as the Boxford and Myford, it can come unscrewed with the potential for damage to work, machine and yourself!
Carbide tipped parting tools cut beautifully, but a dig in means a new tip and a bill of at least £3.50, and possible damage to the holder, which may render it useless. (As I know to my cost! )
With regard to tooling, use the largest that will fit, with minimum overhang, it will be more rigid, and less prone to chatter.
I am not against carbide replaceable tips, I use them for roughing as well as for boring. But they don't like being banged, so intermittent cuts can chip them.
For machining hardened items, or breaking the skin on cast iron, they are excellent.
It has to be said that, in common with many others, a Tangential (Diamond ) turning tool is my weapon of choice for most turning and facing jobs. It easy to sharpen, having only face to grind, and is easily set to centre height, with the gauge.
When changing chucks, it is worth making a chuck board to sit on the bed of the lathe. Even a plain board will protect the bed if the chuck falls during removal or fitting. Better still would be to shape it so that the chuck is at the right level to screw onto the Mandrel. Because my 3 and 4 jaw chucks are different sizes, there is a loose piece of wood to bring the shaped piece to height for the smaller chuck..
If a chuck is stuck on the mandrel do NOT engage back gear to lock the mandrel while you unscrew it. You may well damage the gears! There are safer ways of slackening a stuck chuck.
You will get a lot of advice, some of it good, but conflicting, on here. (Already, you can see that we all have our particular hobby horses that we like to ride! )
Find a local Model Engineering Club and join, to be able to meet face to face (soon we hope ) . You may be able receive hands on help, and demonstrations.
HTH
Howard