Hi Jed, and Welcome.
Since making, and then buying, Tangential turning tools, (using HSS bits) that is what is used for most of my work, For roughing, I use the 100 degree corner of CCMT0604 tips in a holder bought from Greenwood Tools. This provides another two lives for tips that become chipped in my Boring tool.
The tips will cut hardened steel, the red hot wire coming off is quite interesting!
The important thing with any tool is to mount it at centre height, with minimal overhang, to maximise rigidity.
I made, and always use a Centre Height Gauge to set tools in place..
The tools are supported on pieces of 1/2" or 12mm steel, milled to a rebate so that a minimum of shimming is needed. For shims, tinplate, from old biscuit tins, ( or any flat; not corrugated, tin should do ) or old feeler gauge blades. Aluminium shims eventually compress.
A certain amount of fine adjustment is available from the torque applied to the individual clamping screws.
If you use a Quick Change Toolpost, then you merely need to adjust the tool tip to centre height before starting cutting.
If your Cross Slide is Tee slotted, it would be a good idea to make up a Rear Toolpost. This is a great aid for parting off. I made a four way indexing back toolpost, to look like the Front one, for my lathe, which is a BH600 lookalike. This allows me to front chamfer, back chamfer and part off. In this way, I have the choice of six tools without having to make changes.
Knurling tools, or Radius Turning tools do have to replace one of the front mounted tools, (often the Boring Tool ) on the less often occasions when they are required.
Howard