David
The QCTP style post is common throughout the industry in various sizes to fit different machines.
The size shown on the Myford site is for the 7 series ( click to view)
The boats will take tool sizes from just over 1/8in up to 1/2" and some boats have a groove in the bottom to take a round shanked tool (eg a boring tool)
The tool post I have is just the same as the one shown but came, I think. from Chronos. The Myford boats fit OK.
You are correct – the tool isclamped in the boat and the tool height is set by adjusting the height of the boat on the toolpost by means of the knurled knob which is then locked by the cap screw. The boat is drawn into the toolpost by a clamp which is operated by the detatchable handle ( end facing you in the pic below)
The toolpost fits over your existing stud and you can use the existing nut or you may like to make life easier by making one like that in my photo.
Myford also sell a rear toolpost which has the same quick change form which has a special holder for a parting blade. See HERE
There is a user group for Myford lathes on Yahoo see HERE . In the FILES section there are copies of the original machine manuals containing all the information you need for lubrication and most other things. DO NOT USE GREASE ON THOSE THINGS THAT LOOK LIKE GREASE NIPPLES. They are for oil ( using the infamous Myford oil gun!
I hope you enjoy your Myford as much as I do mine.
Regards
Norman
