Like Vic, I am an enthusiast for a four way toolpost and Tangential Turning Tool.
I lack the space to store the eight or more QCP toolholders, that are likely to be needed, and time is rarely of the essence for hobby work, rather than industry or a jobbing shop.
I abhor boat tool holders, because as the height is adjusted to centre, the rake changes.
With the Tangential tool, it is set to centre height without changing any other setting. It is also a doddle to sharpen, since there is only one face to grind.
Well worth making a Centre Height Gauge to make setting easier.
A four way means that you can certainly have three tools ready for use, may be even possibly four
I have four way back toolpost on my lathe, as well, so have a choice of six tools always available.
Parting, front and back chamfer in the back post.
Rougher, Tangential, and Boring tool in the front.
The Boring bar comes out for knurling or (rarely) ball turning.
If you want, you can make a fourway toolpost in your lathe, either from one solid piece of metal, or from laminations of slightly thinner steel. A Centre lathe is a MOST useful machine!.
If you want a QCP go for it, but I do remember an article in MEW where someone extolling his QCP said that tool changing was no quicker than with a four way toolpost
Sorry if this causes any confusion, but it is an alternative.
Howard.