When i bought an at least second hand Myford ML7 back in the early 80s, I was given a 3/32" wide HSS parting tool in its holder. I am still using it, in a rear toolpost, on my bigger lathe;
On this basis, it probably has another 8 – 10 years life left in it ;and it is by no means near being worn out!.
I usually dribble soluble oil on to it whilst in use, and have become brave enough to use it with a 0.00225"/rev power feed.
I have tried a replaceable 2mm Carbide tip parting tool in the front toolpost, and have given up using it because of the dig ins and the cost of replacing broken tips.
Possibly I have been both careless and unlucky, but the HSS tool has been less trouble and less costly.
Howard