Unless you are planning to machine hardened steel, stick with HSS.
Your M type Myford probably does not have high enough speeds for Carbide tools to make Carbide work effectively, also it is unlikely to be sufficiently rigid to withstand the heavy loads that you may be tempted to apply with Carbide tooling.
With regard to tool holding; a fourway toolpost will change tools as fast as a QCT, (Not my opinion; this was stated in an article fairly recently in M.E.W.) unless you are planning to use a large variety of tools. Also QCT holders add up the cost, and need space to store.
If possible, do make up a back toolpost, and use this for the parting tool. If it is multi position type, you can mount a front chamfer tool, and posibly a back chamfer tool, for use in conjunction with the parting tool.
Time spent making a Tool Centre Height Setting Gauge will be well spent. Ultimately it will save time, and avoid the pip that results from an off centre tool, not to mention improving the cutting action of the tool.
Too high, (above centre) will rub rather than cut cleanly; too low (below centre) will result in an excessive clearance angle, and less than optimal cutting.
Hope that this helps.
Howard