All good advice.so far.
If you join a local M E club, you should be able to find at least one member who is prepared to give you some one to one training. Whereabouts are you located?
(You will pick up some of their bad habits and prejudices as well. Here come mine! )
If possible fit a four way toolpost. It will avoid a lot of time and frustration shimming a tool to set on centre height each time that you change tools. You will find yourself needing at least: a knife tool for turning / facing and a tool for boring, (after you have drilled a hole almost to size ), and a Parting tool.
You can get away without a parting tool if you hacksaw to just over length, and then face to the required length, although this may mean several "cut and measure" attempts until reaching the required dimension.
If concentricity is important, mark the job so that the work goes back under the same chuck jaw each time. Three jaw chucks do not hold work absolutely concentric.
For absolute concentricity, you need a four jaw independant chuck, and a "clock" of some type, with a suitable base.
Riding another hobby horse, my preference is to use a Tangential Turning tool for most turning and facing. With a centre height gauge of some sort, setting the tool on centre height is a doddle. And the toolbit needs only one face to be ground for sharpening! You can make, or take a more expensive route and buy, one.
A fellow club member will probably help you make one. At least two designs have been published in MEW over the years.
It is important that the tool is set on centre height. Only then will it will cut properly, and leave no "pip" when facing the end of a bar..
Hope that this is of help,
Howard