A common cause of finish problems on the M type is too much slack in the headstock bearings. They are a tapered bronze bushing with slotted ring nut. One at each end of the headstock. Trick to adjusting them is you have to first slacken off the two oiler bolts that stick up from the headstock. Then tighten the ring nuts with a C spanner until the spindle can be felt to drag quite a bit. Then when you nip up the two oiler bolts they expand the bronze bushings out into the tapered housing and the spindle frees up just that little bit. Sometimes takes a few goes to get the setting just right.
Also, setting the gib strips correctly on the carriage, cross slide and top slide helps with better finish too.
For any steel half inch diameter or smaller, usually use the fastest speed pulley. If the chips are coming off blue and smoking, slow it down one pulley.
But do your tests with a known piece of plain mild steel bar before getting too involved.
Edit: Ady1 beat me to it while I was typing. But you can see the headstock bearings adjustment is a common cause of poor finish on these lathes.
Edited By Hopper on 03/01/2019 00:04:48