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I don't know much about the Cowells lathe other than to cast admiring glances at photographs of them.
But I do know that all HSS stock is not equal.!
Such a nice lathe deserves the best HSS tool bit stock, so be careful where and what you purchase. Eclipse I know to be a good brand but others will advise more than me.
I would also say that HSS is 'probably' the way to go for such a small lathe as when correctly ground and sharp the loadings are much lower than using insert tooling.
Nick