What you seem to have here is an EXTREME example of Tolerance build up.
The arguments about who / what is to blame do not solve the O P problem., and returns/replacement look to be costly and time consuming.
It is unlkely that every toolpost / tool combination would set the tool tip exactly on the centreline of every Myford 7.
If everything could be made that precisely, there would be no need for adjusting screws on Q C Ts would there?
For what my advice is worth, hoping that you will only need to do it once for your lathe, this is my suggested way of dealing with the problem:
1)Measure the height from the face of the Cross Slide to the Centre.
2)Measure the height from the Cross Slide to the tip of the Parting Tool.
3)Note the difference.
4)Turn two dowels to snug fit in the T slot in the Cross Slide.
5)On the centreline of the key in the bottom of the toolpost, drill / tap two holes, as far apart as practicable. Make them deep enough that the outer ends can be drilled / reamed, at the same positions to take the newly made dowels.
6)Alternatively, drill / tap the rear face of the Toolpost., in two places, near to the bottom.
7)Make up a bright M S plate, at least 6mm thick, and drill clearance for the fixings chosen for the above tappings.
The plate should be made so that it hangs below the bottom of the Toolpost, to locate against the rear face of the Cross Slide..
7)Set the toolpost in the four jaw chuck, as near on centre as possible.
8)Face off the key,
9)Turn off the lower face of the toolpost, the dimension noted earlier.
10)After deburring, and cleaning, fit the two dowels, or the locating plate, to the Toolpost, and fit to the Cross Slide.
The dowels, or the rear locating plate should bring the tool to the same alignment as the original key.
The tip of the insert should now be at the lathe Centre Height.
Do not be surprised if subsequent tips, especially if from another manufacturer, differ slightly from this Centre Height. Everything is made to dimension which has a tolerance.
Tolerances allow interchangeability, but do not guarantee absolute precision.
Heres to trouble free parting off!
Howard