Your post prompts a load of questions.
If you are new to metal machining, you will need some help and advice.
If possible find and join your local M E club.
Where are you, in case anyone on here is willing to kelp face to face.
Rust is a perpetual problem. There are various “solutions” on the market claiming to remove rust. Some work better than others. Many contain citric or phosphoric acid to attack the rust.
Once clean coat with oil.
To propagate on steel rust needs moisture and oxygen, so the oil keeps out both.
(I’ve seen a sandblasted piece of steel start to rust within minutes!)
You need to remove the rust, not just for cosmetics, but because a rusty component will never fit as closely as one that is clean.
Since you are new to a lathe, you will find it instructive to read one or more books. For many years, the “bible” was L H Sparey “The Amateur’s Lathe”
Other useful ones could be Stan Brays” Basic Lathework”, or Harold Hall’s “Lathework, A Complete Course”
They may not feature the ML10, but the basic principles are the same. A sharp tool, set on centre height, with work running at an appropriate seed, with the tool, being fed into it at a suitable rate. If in doubt, err on the side of caution. To fast may not produce good results, and shorten tool life.
The speeds and feeds used in industry are to maximise metal removal rates for powerful, heavy, rigid, industrial machines; not lightweight hobby machines.
My advice is to become familiar withe the ML10 by just cutting metal at first, then progress to simple turning, drilling and tapping jobs, by making simple tools which will give you experience and confidence, and be useful for years to come.
If you decide to use HSS, learn how to grind the tools, but don’t use excessive clearance angles, 5 – 10 degrees will be quite sufficient for most work.
Make your mistakes on relatively cheap material rather than an expensive casting from a kit.
A centre height gauge will be a useful first project, possibly followed by sliding, holders for dies, and then taps, mounted in the tailstock.
H T H
Howard