I have a wide range of materials in my 'scrap-box' accumulated over many years. A lot of the steel is free turning (leaded) but sometimes it's not. It's all potentially useful.
It quickly becomes fairly apparent if something is not going to give a really good finish, so if I need one, then I mark the 'poor' piece with a file, put it back in the bin and look for a better bit (or worse case purchase something). 
However, there are lots of times when I'm not bothered if it won't turn that well and I just get the best finish I can. I take any bad tears out with a file (normal caveats – use a handle, great care etc) and usually the finished job is quite good enough for the job in hand.
Last night I needed a simple 3" 'adaptor' rod (to fit a DTI 1/4" hole to the 8mm hole on the stand). I turned a spare length of 8mm rod down to 1/4" at one end and it was pretty rough – but touched with a file and it was quickly done. A spot of paint on both ends will remind that I've made it for a reason (in case it ever gets mixed up with other off-cuts on my bench).
All done of course with simple HSS tooling – which if it's sharp will give as good a finish as you are likely to get. Some materials may not be very free-turning but they are not usually hard either.
Regards,
IanT
Edited By IanT on 18/11/2019 10:24:26