Hello,
I'd like to add my experience on this, I was shown replacable carbide tip tools cutting and they worked superbly, can't fault them, but this was on a large machine. I own a myford ML4, a much,Much smaller lathe. I have chosen early on to go down the route of HSS, as mentioned above it's resharpened and shaped to any form easily, it really is not a black art, the key is the wheel on the grinder, it's gotta be clean, free of dirt and balanced. When the HSS is sharpened the diamonds (grit) in the wheels becomes clogged with dust, they dull and don't cut so well. A clean bright wheel (it'll almost sparkle in different lights) produces a happy tool. Also a small plastic cup of water to the side helps to keep the tool cool, dip in the water after every few passes.
The tool angles aren't too critical to begin with, the wheel will form most of the clearance angle, turn the tool face 90° to the wheel and take a grind, lightly across the face of the wheel from left to right, or right to left, (your preference but alternating will help keep the wheel square and balanced), until you see red sparks from the top surface of the tool, once you see those red sparks cresting the top surface then you can stop grinding the clearance.
Next rotate the HSS on the rest to about 6°, (look at a cheap stationay set, it' not much of an angle), take a few passed as before, don't forget to keep it cool with the plastic beaker of water.
The above two grinding operations form clearance from the cylindrical work, meaning it won't rub and "chatter" (looking at the chuck from the tailstock), the second forms a clearance from the cut cylindrical piece of work, slightly angled away from the cutting point, again to prevent rub and chatter.
If your just planning on turning brass or Ali, this is as far as you need to go to get a tool ready for the lathe, oh apart from honing…come to that in a min.
If your turning steel then you'll need top rake, this is done by tilting your grinding rest at a slight upward angle, then placing the top surface of your tool (cutting point facing upward) 90° to the face of the grinder. Grind away until the red sparks crest the surface again, remembering to cool the tool in water ever few touches to the wheel. You should now have major clearances sorted for brass, Ali, and even steel or cast iron.
To finish you need to hone the tip, this is a small radius that is put onto the sharp point of all the grinds you have done, this is done by hand on an oil stone.
Oil the stone around a 5cm dribble of 3 in 1 will do, spread with your finger tip, and coat the tool tip with oil from the stone, hold the tool top surface 90° to the top surface of the stone, or slightly less to your first relief angle. Take a long (10cm) sweep over the oil stone rotating just your wrist. You should see a small round been added to the tool tip, the greater the round the smoother the finish, however the greater the round the harder it is to get a tight corner on relief work, (a rim on a flywheel for example).
Practice and learn these basics they'll help you loads in the future and save you a fortune in carbide tools, holders and tips.
If you plan to cut stainless, you'll need carbide unfortunately. HSS will blunt really quick, and you'll need high speeds.
All the best to you and your family from another rookie