Trouble with sets is they don't always contain what you want, so you have to be a bit careful. The last set I bought uses 4 different inserts, has no left-handed tool, and has 3 hefty boring bars I'm unlikely to use. I managed to identify the inserts it uses but it wasn't easy.
If I were you, I'd follow Iain's advice and buy individual holders from Arc; they helpfully stock the range of holders most likely suit hobbyists and inserts to fit them, making it easier to choose the right combinations. Arc also sell inserts that fit their holders. Not everyone else does!
Have a look at this page . Arc summarise what they sell. I'd suggest:
- An SCLC-R 95° holder, taking a rhombic insert. This is the most useful general purpose turning tool and it carries the most useful general purpose insert. It can face and turn.
- An SCLC-L 95° holder. This tool is the left-handed version of the SCLR-R, that is it cuts from left to right. I don't use mine very often, but …
- An An SSDC-N 45° holder taking a square insert. Square insert are stronger than rhombics and are good for roughing out. They face and turn (right/left and left/right) but they cannot cut into a corner. They are excellent for putting chamfers on turned work. This is my second most used tool.
- A parting/grooving tool. Various on offer from ARC. I've settled on the NCIH blade type which uses GTN inserts. Parting off can be a challenge! Whatever tool you use, it will work better in a rear tool-post.
- For boring internal holes, one or more S-SCLC-R 95° boring bars in different diameters. They take the same insert as the SCLC-R 95° and the SCLC-L 95°. I own two: a small one to fit in small holes, and a bigger one for boring larger holes. A small boring bar will cut big holes, but they tend to flex. So it's better to use bigger boring bars on bigger holes, but not essential.
Tool-holder Sizes. I would buy one size down from your tool-holder and shim it to height. (ie. buy 10mm holders to fit a 12mm tool-post)
Arc inserts & holders vs Sumitomo? Sumitomo are 'better' but more expensive. For what it's worth I'm using Arc holders and inserts and – for hobby use – not had a problem with them. Silver inserts are better for non-ferrous metals, but I find the yellow ones usually work OK.
One thing I can't find in the Arc range are threading holders and inserts. Threading inserts are 'special' in that they have an angled point to match the thread type (metric and imperial are different angles), and come sized to suit the thread. (You can't cut big deep threads with a tiny insert.)
Arc also carry a decent HSS set; this has one each of common tools including threading. I use mine quite often despite mainly being an insert fan.
Dave
PS No connection with Arc, I just think they've made it easier to buy inserts and holders than the competition.