Ralph,
You don’t mention how large a diameter you will be wanting to part off.
The larger the diameter, the more rigidity will be required.
So no matter how good the parting tool, if your lathe isn’t or can’t be made rigid enough, no matter what the latest fad in tooling is, you won’t be able to part off large diameters.
I started to do a write up on a good friends site, but unfortunately ill health has meant I can’t get into the shop to finish it off, but I will do soon (hopefully). But it does show a few things that are available, especially the industrial very expensive types, which if you are willing to wait and haggle for, can be picked up reasonably cheaply.
If you have got this far, I hope that this has shown you that there is no such thing as one tool does all, in fact very few tools even come close to it.
Once you start to go over the 1″ diameter scenario, things can and do start to get complicated.
Bogs