You will end up with a lot of toolholders so bear in mind their cost.
The Multifix allows the holders to be set in 5 degree (I think) increments around the toolpost. This is of limited value so may be an expensive feature. It is the least common and somehow people manage to produce good work without using one. It is extremely difficult to make the holders at home. Accuracy etc is dependent on the quality of manufacture and is not inherent in the design.
The Dickson is recognised by having two V grooves in the holders and a post that pulls it inwards and aligns the holder because of the grooves. Homemade holders are tricky so not often made. there are several clones.
The Piston type is recognised by having a circular or oblong shape in the working faces of the toolpost. These are the pistons and move outwards to lock the holders. The holders have a female dovetail that fits over a male dovetail on the holder. The piston pushes the holder outwards to lock on one face of each side of the dovetail. These are many clones but the original high quality one is Aloris and more recently Phase 2. These toolholders are relatively easy to make compared to the Dickson.
The Wedge type uses the same holders as the piston but on the toolpost dovetail one side is made to move outwards using a wedge action to lock the holder. The holder is therefore locked onto both faces of one dovetail by both faces of the other. It is potentially by design more rigid and slightly more accurate than the piston style. The toolpost is more expensive than the piston and cheaper clones are not yet widely available in the UK, but have appeared in the USA in the last year.
There are a whole bunch of other varieties but the above are the market leaders, not given in any order.
Sizes get rather confusing as there are three main designations. T0, T1, T2 and 000, 100, 200 and 0XA, AXA, BXA. The T2 and 200, BXA are the same size and suitable for a 12in lathe. The T0 or 000 or 0XA size is suitable for a Myford. Transition points in between are not clear cut.
Edited By Bazyle on 30/06/2016 23:52:15