I don't bother changing tips especially for cast iron.
What you may be finding is that the cast backplate has a hard skin on it and the tool is having a job getting through that with fine cuts. Better to take a decent depth of cut and fine feed rate and you should get through it without too much trouble. On the vari speed lathes its best to run a bit faster so you don't loose torque or overheat the slow running motor. Assuming its about a 5" backplate I would be running at 300rpm and 0.5mm depth of cut, finest feed rate should give you chips not dust.
This is a bit bigger dia but you can see teh chips
Edited By JasonB on 02/07/2016 16:18:18