I read a ME article recently by a chap who made all his tools himself in the 1960s by reforming HSS.
Saws for parting off as mentioned, but he also describes worn out milling cutters being ground into lathe knives and boring bar inserts.
His home-made knives were round at the holding end. They fitted into square bar drilled and slotted to grip them in his toolpost. They look exactly like the holders you can get for carbide boring bars.
His boring bar cutters were also round but they fitted directly into a hole drilled into a home-made boring bar and were held in place with a grub-screw.
Some of the tools look a little odd but no reason why they wouldn't work provided you have the grinding skills.
Dave
Edited By SillyOldDuffer on 18/12/2017 16:13:16