Dr
Two comments
1 You do NOT need the extra clamp. It WILL be in the way of the workpiece.
If the rear post does get in the way, it can always be unclamped and rotated so that the parting tool faces away from the workpiece, until needed.
The key in the base prevents the post from rotating. The stud and nut merely clamp it to the Cross Slide so that it does not lift out.of the Tee slot. A stud that size can exert enormous clamp load, probably in excess of 1 ton, but no need to go that far. Just a normal tightening torque, say 30 lb-ft with your calibrated hand!
(As a a guide, a 1/2 UNF bolt in W range steel goes into yield at about 175 lb-ft and exerts a load of 9 tons. )
Take a look at my album.and see my rear toolpost. It only comes off when a collet chuck is used, to allow the Saddle to move closer to the Headstock, or when I take it display at a Show.
2 Make yourself a Centre Height Gauge, to set both tools. . See mine, the first of my albums. (Also look at the other picture showing my four way rear toolpost on my lathe. Obviously, this can be rotated, when needed to keep the tools out of the way.
Make all the components. Note the relief on the base, so that the rim is left for the gauge to sit on.
Having screwed the stud into the base, grip the stud in the chuck and face across the end. This will ensure that the stud is perpendicular to the Base.
Take a piece of bar, preferably steel, and face the end.
Keep shimming the tool until there is no "pip"
The tool is now at Centre Height. Set the Gauge on the Cross Slide, and clamp the upper blade so that it just touches the top of the tool in the FRONT toolpost.
Set the lower blade up against the upper blade. The inverted tool in the REAR Toolpost can now be set to this.
From now on setting tools to centre height will ,be much easier, for both toolposts.
Howard