If you haven't got an oil gun for the lathe, don't buy the Myford pom pom type. Get a Reilang, that way the oil will go where you want it, rather than over everywhere else.
My advice would be to fit and use the Four Way toolpost, rather than the standard. In that way you can have three tools set up and available in seconds, rather than having to change and shim up a tool every time that you need something different.
The Rear Toolpost will make parting off a great deal easier, so fit that to the Cross Slide, and mount the parting tool in it, UPSIDEDOWN.
It will be time well spent to make up a Tool Centre Height Gauge. t will save a lot of time in setting tools to the centreline height of the lathe.
With a Rear Toolpost, it will need two blades. The underside of the upper blade is used for setting tools in the front Toolpost, and the upper surface of the lower blade for setting any tool in the Rear Toolpost.
If you are unsure of what one looks like, PM me and with an E mail address, and I'll send a picture of the one that I made and use frequently. Apart from a two or three grubscrews, there are only four parts. And it can be made with only one size of Tap if you are short of kit, at this stage.
Howard
Edited By Howard Lewis on 03/01/2020 15:46:42