Although I actually tracked down and purchased the carbide inserts for my late friend, after 15 or so years I no longer have any idea what we actually bought. Unfortunately he is no longer here to ask.
I got advice from a reliable seller, possibly Greenwood Tools. The suggested inserts were, by my recollection, very reasonably priced and performed very well indeed giving a good finish and decent lifetime. I want to think that they were of a type intended primarily for lathe use when interrupted cutting was expected rather than true milling inserts but no longer know.
Certainly carbide of appropriate specification works well and need not be expensive. It will also cope with the rather high bottom speed of Philips machine.
That said I'm not completely happy with the idea of a flycutter of any size wizzing round at 250 rpm in a, relatively, lightly built model engineers mill.
Clive