Hi Richard, Sounds exactly like mine,, I have the sliding levers and also the two speed motor as well, controlled by a rotary switch just under the drip tray.. Mine is a late 1961/early1962 model, straight bed. If you get the number from the top surface of the bed at the tailstock end, there is a list of serial numbers on http://www.lathes.co.uk, and you can date it.
As for tooling I would go for the most rigid if you are turning large work or using big cuts, and also lock the carriage if you can, especially when parting off. Smaller work, model making etc, you will be able to get away with using lighter tooling. Remember though if you are using indexable carbide insert type tooling you need the set up as rigid as possible if you are to use the full scope of the carbides ability. For most work you can use HSS and get as good and often better results, carbide is good for roughing castings, aluminium, which tends to ball up and stick to HSS, and also for problem metals like copper. I use HSS most of the time, but I have a good selection of carbide tipped and indexable boring bars, threading tools and the like., If you need any more info just ask, there are many knowlegable people on this forum and we love pictures of lathes, so get your camera out!
Phil.