I am now going to pose an alternative view!
Prior to their move to new premises, earlier this year, Chronos offerred a range of Glanze 10mm sqare tools with replacable carbide tips for £7.00 each (including tip and torx key). I have, over a period, built up a set and use little else for all my turning on my 1956 Myford Super 7. Triangular tips are £3.00 each (or less if you buy 10 or so) and give you 3 cutting edges. I've worn a couple of tips out – I tend to turn dry and work on the usual materials (brass, steel, stainless) and have yet to chip one (though am careful how they are stored).
Clearly, having the ability to work grind your own HSS tools is desirable, but my advice would be not to dismiss tipped tools as you can get straight on with playing with your lathe, instead of having to hone (pun intended) your grinding skills before you start!
The tips handle interrupted cuts well (e.g. turning 3/4" hex round), though having been brought up on a small Cowells lathe, I tend to only take relatively light cuts, rather than "industrial" ones.
So, you don't have to spend a fortune on tipped tools, nor need to be a master grinder before you start.
Regards Tom