Hi Chris
I use a blade type parting tool, It is important to set it at exactly 90 degrees to the spindle axis.
to set mine I wind the cross slide back and move the parting blade in its holder (just gently held in the tool post) to the edge and face of the chuck. then after making sure it is exactly parallel to the face of the chuck I tighten it up.
This is one tool that it pays to set right on centre, and certainly not under.
I grind the blade straight across on the end only just a couple of degrees of front relief. and never power feed with steel, you have to feel the tool cut. and be ready to whip it out as soon as it starts to growl. Blade type tools do not have side relief at the top, You can grind it in but then you waste a heap of cobalt tool steel when the entire end has to be reground costing you 10 to 20mm of tool steel.
If the steel you are parting is not free cutting steel and you want to part deeply in stock over 25mm diameter It will help to part in stages widening the cut a little to the left and right as you go, this means that you have to face the end after parting but it avoids that loud bang! as the end of your blade leaves the building hopefully missing you (Wear eye protection).
Often when you part you will not get a good finish. Particularly on the unknown grades of steel from the scrap bin, leave an allowance for facing off later.
You may find "peck parting" that is cut 5mm, withdraw, more oil then another 5mm makes the job easier. It assists clearing the swarf.
Lots of cutting oil and listen to the cut.
Cheers
John