I do not regard hss tooling as old fashioned,I use hss,brazed on carbide,insert cardide,and I have some synthetic diamond ,superb for flycutting ali cylinder heads.And I kept up with the latest methods,tooling,and machine tools until I retired as a production/procurement engineer. In my training I started on plain lathes (Lorch),a Boxford,A 8 in Willson and a Ward 2A capstan, One of my memories was that four way toolposts were a pain in the backside,all the operators had aquired a tin full of shim,at least the stores had supply of shim,plus a guillotine to chop up thicker material,there were a few carbide brazed tools for the willson,none for the small lathes and capstan.At home I had an EW,A myford 7 came along ten years later and the last thing I wanted was a fourway toolpost,and made a couple of Drummond type tool holders similar to a Norman,these transferred to my S7,and lasted for 25 years,until I bought a Dickson type toolholder set .and then toolchanging and setting was so much easier and it saved time which became important as I aquired some outside work,I already had a genuine Dickson toolholder son my Colchesters,Now not many lathes for our hobby new or used are better than a Boxford and cannot really take advantage of modern carbide,and hss in many respects is better ,and cheaper than inserts .I think the replaceable tip has come in as the modern generation it appears cannot manage to use a grinding wheel and be able to grind a lathe tool or drill bit.Brought about by a least two generations who have never had any workshop training at school or college. Hss has really improved since my training I have some with colbalt,which are really good ,far better than the older Eclipse toolbits,though they are harder to grind,Regarding quenching Hss when grinding,for a start do NOT grind them until they get to red heat,grind and dumk them in water frequently,avoid taking to where it goes blue,brown is ok, Many text books state do not quench as it causes cracking in 60 years I have never had a tool crack,many of these authors have taken info from earlier books those earlier books were written in the same way ,ie what I have read rather than from actual experience, the very earliest Hss in around pre WW 1 days may have cracked and the myth carried on. Grinding wheels should be selected for hss use,if they wear away quickly then the grit bond is too soft,of course with correct wheel as the grit glazes or some grooving occurrs then the wheel should be dressed, a good wheel for hss should NEVER be used for any other material ie soft steel ,ali or brass , and the larger the wheel the better I use 8 inch wheels ,this reduces the hollow ground effect and makes the cutting edge stronger.If you have a sturdy industrial lathe with a good speed range and a large motor then carbide tips have their advantages,high metal removal rate ,built in chip breakers,less tool wear with tough material eg high no en steels and stainless.though say on a long shaft where I have spent a lot of time machining various diameters,if say two short journals are required for a precise bearing fit with a few tenths tolerance then i would finish turn these with a high speed tool. I previously mentioned Dickson tooling,I have had this type of tooling on several lathes,certainly speeds up tool seting and tool changing and works well on general purpose work but when used for heavy cuts and some parting off, the tool holders are nowhere near as rigid as a four way tool post and can be seen to deflect despite putting a length of tube on the wrench ( we all loose some strength its called aging)