Hi Packmule
I have a square turret on my lathe the same as you. and do have a problem packing tools. I use small strips of steel bailing strap as used on crates and boxes by shippers.
At one time I used to keep a set of packers for each tool. But that does not always work particularly if you are using a high speed steel tool that may not be ground exactly the same each time.
Below you can see two photos of the small jig I made to simplify setting the tool height. The small red base is an old eclipse magnet. not too strong so it is easy to wipe the swarf of if it catches some but strong enough to keep the tool upright. as you can see not fancy just made from scrap. It is easy to feel the difference in height to within a thou. or two. Each lathe will require a different base. to fit an available flat surface. I know you can use a dial indicator instead of my look and feel method. All Ok but this simple method works fine.
I just rotate the turret around until it lines up with the height finder then slip a few packers in until it is set. I never spend more than a minute setting the tool height. Normally I do not worry if the tool is a little low for larger diameters. but for threading and precise work I have a few thinner pieces if i want to set dead on.
Cheers
John
Edited By John McNamara on 24/02/2012 11:47:38