The thread cutting question has a specific answer, so here goes: There are two ways in which this operation is usually carried out. In both the tool is held symmetrically to the work, with the same angle both sides (ie 30 degrees for Unified and Metric, 27.5 for Whitworth and its relatives, etc). The thread is cut in two or three passes.
The difference is that in one method the tool feed (ie the inwards adjustment for the next cut) is at right angles to the workpiece, using the lower of the two handwheels on the saddle assembly. This means that both sides of the tool cut (almost exactly) the same thickness of metal with each successive cut. In the other method, the adjustment is done with the top slide, set at the angle of half the thread angle (30, 27.5 etc) and the adjustment moves the tool along one face of the new thread, with all the material removed from the other face.
The second method is described as the better way by many experts.
And no you do not need a different insert for each pitch, as long as you are not too fussy about the tip radius (or tip flat). There are those who say that for ordinary low stress stuff, you don't even need separate 30, and 27.5, tools. After all, I bet your local nuts and bolts supplier will sell you UNC studding when you ask for Whitworth, as the pitch is the same and there is enough clearance to permit them to be interchanged. (Not such a clever idea for bolts and nuts, though, as the head sizes and spanner fitment is going to be wrong).
Regarding the broader Q: What to buy, I suggest that you start with a cheap and cheerful set, and a box of free-cutting mild steel offcuts, and play. This will give you the feel of the work. Then when you actually need to cut real parts at exact angles and positions, you might need to look more closely at the better end of the market. It is cheaper that way.
Regards, Tim