Richard, you ask for thoughts on the two methodologies.
Some while back ME (or was it MEW) had a lengthy and very detailed article by somebody who had investigated tipped tools. His conclusion, arising from talks with tool manufacturers, was that these are designed for production and thus need to be worked hard – very fast with deep cuts and fast feeds, all of which are carefully calculated. Of course, it requires absolute certainty of where you will end up. Model engineers don't work like this, first Our machines cannot perform to the limits of production CNC machines, second, if you mic'd up an item and you knew that is was 2.6mm oversize on diameter, who would, with absolute confidence, wind in to take a final cut of 1.3mm in the knowledge that you would end up well within a thou of the required size? Not many.
We tend to approach the final measurement and thus the final cut is likely to be very small, much too small for a tipped tool. If you look at a tipped tool it is quite blunt compared with HSS tooling. Thus there will always be room for HSS tooling which can make very fine cuts.
Well, that is one view. On the other hand I went to a lecture at a model engineering exhibition where the speaker was extolling the virtues of being able to take very fine cuts with tipped tooling. He showed his results and the finish was very good.
Also, JB Tooling sell very shiny (they appear to be chromium they are so shiny) tips which are very pointed and very sharp. Jenny says that they are designed for aluminium, but in her experience they are excellent on steel, with the proviso that they are ONLY brought into contact with moving metal, otherwise the tip is likely to chip-off. I have used these and Jenny is right.
If I lived my life at my lathe, then I would get somewhere near, take a final measurement, and move in for the kill with a decent final cut (not less than 0.3mm). As it is, I will continue to get within 0.1mm and make this my final cut and I would use either a tipped tool (preferably one of the shiny ones, but a gold coloured tip would do), or a sharp HSS tool.
Charles