Coming in late, AS USUAL!
A RIGHT HAND tools points tom the left when you view it from the operator's position, (i e points towards the Headstock on YOUR left. Vice Versa for a LEFT HAND tool, pointing towards the Tailstock, on YOUR RIGHT.
The tool edges do need to be ground. The point of the tool must be on the centreline of the lathe.
Too high causes the tool to rub.
Too low means that the tool does not contact the work at the correect angle, and apparently has excessive clearance.
The sharp edge exerts high pressure on the workpiece, (large force acting on small area) and so cuts the metal. The relief angles prevent the tool from rubbing, and help swarf to escape.
Tangential tools cut extremely well, and produce a good finish with a fine feed, even without a small radius on the nose. They are easy to set to centre height. Most people with Tangential tools seem to use almost nothing else for facing and external turning, whether taking a deep or a shallow cut.
Being HSS toolbits, they can be ground using an ordinary grey carborundum wheel. Green or diamond wheels are needed to grind Carbide tools.
Carbide tools benefit from high speeds, which produce the heat to soften the workpiece and cut it in a very localised and minute area. (Replaceable tips are, often, relatively blunt; a sharp edge would very soon break,and the rubbing produces the heat need to cut the metal.)
There are lots of folk on here who can explain all this far better than I can.
Howard