Lee, I think you'll find the lathe bed is hardened, so your scaper won't touch it, just wrap up the scraper and put it away in a draw, it might come in hand one day on a model or something.
If you must use carbide, unless you can flood the work, cut dry. With HSS I use a little squeeze bottle, it started life with PVA glue in it, sometimes I find straight cutting oil works better, but the type I use normally is diluted 1prt to 10 prt water, and it doe'nt stain, or cause rust.
I think you'd be better off with a brush to clear the swafe, rather that covering the ways with bellows, I know some milling machines use bellows, but mine has'nt, and it's been going 25 years, no problem.
The local engineering shop near me gave up on carbide tools.and went back to HSS for there main work, boring hydraulic cylinders on a large Dean Smith and Grace lathe, it was decided it was'nt ridgid enough,ie., it's going on 70yrs old, and things arn't as tight as they used to be, also it did not have enough speed (I suppose a smaller chuck would help, you can only take a 14" chuck so far). Ian S C