I think I mentioned that my first lathe was a Portass S and it served me well for quite a few years. The main problem is that it's not very rigid and has plain bearings, so you have to keep it well adjusted and lubricated and you can't take big cuts. As suggested above, use the tailstock where possible and minimise the overhang from the headstock as much as possible
You should make sure the main bearings are nipped up so they are just not quite about to bind and keep things well oiled (it, not you!). Also tighten up and lubricate the gib strips and leadscrews in a similar fashion. At least there are only 2 slides on the S.
You can't safely run this machine fast enough to use carbide tools properly, particularly on small diameter stuff. I'd stick to HSS unless you are taking the skin off a casting. And get yourself a decent piece of free cutting mild steel!
The guy who sold me mine was an old hand and he ground me a special HSS tool that had a lot of side rake (the angle at the "top" of the tool behind the cutting edge, which is usually zero for brass and perhaps 10-15 degrees for steel), something around 40 degrees or so. Sounds rather a lot but this allowed fine cuts up to perhaps 1/4" depth without judder. When honed properly with an oilstone, I could get a pretty good finish this way.
One key advantage of HSS over carbide is that you can get it sharpened up easily. It seems there are some pretty dodgy carbide tools out there and you'd struggle to do much with any of them. You need to give yourself every opportunity to succeed!
Muzzer