I too have a shim box (or two), the problem is that 16 SWG shim is too thick and the next i can find is .8 MM, or a variation of the above. I seem to spend too much time shuffling through the boxes, micing up bits (writing the value on them) and only to come to some conclusion like I'll change the .25" block for a 4mm and start again.
Soon
I shall make a selection of shims based on some thing I can mill, taking as an example, gauge block sets, So I shall get a piece of 1/8" /3mm steel cut a couple of shims of the end, then mill off .005" all over and then cut two more shims, then cut another .005" off and repeat, so I'll have a series of gauges based on 0, -5, -10, -15, -20, -25, -30 thou. So that's seven milling operations, a posher way is to have a 1, 2, 4, 8, 16, 32 progression, that would give a 0 -> 63 range with seven shots on the milling machine and a stack height of 0 to eight times the thickness of the material used. I'll have to check and see what the typical shim size is.
The height of the cutting edge must never be above the centre line, else the front edge of the tool is rubbing not cutting, however having the tool too low just reduces the amount of top rake. So this is directly scaled from the diameter of the work. So I reckon TAN 1 degree is .0174, that means if you are turning a bar of 2" diam, if your tool is .017" below centre,its effective top rake is reduced by one degree. OK for Ali (starts off at six degrees), bad for brass tool starts of at zero degree. Like wise extremely poor for turning .01 diam watch spindles 
Frank
Edited By frank brown on 01/08/2014 19:44:27