Been through all this on my 1930s Drummond. As Andrew J says, the tool rake angles for these small lathes is much more than an experienced engineer would be used to using on larger industrial machines. LH Sparey recommends 15 degrees side rake on the top surface and about the same clearance on the side, giving an "angle of keen-ness" of about 60 degrees, conveniently measured with a screwcutting tool sharpening gauge.
The other trap to look for, providing headstock bearings and ways and dovetails etc are all reaosnably serviceable, is a bellmouthed chuck. You will never get rid of chatter if the chuck is bellmouthed and not holding the job firmly at the outer limits of the jaws. Old chucks can be reground with a dremel type grinder mounted on the toolpost after putting suitable packers or 'clover ring" between the jaws to pushe them outwards into the operatiing position.
My old Drummond will take a .100" deep cut in steel without chatter, at a decent old feed rate, provided a tailstock centre is used on medium to long jobs since I did all of the above.
Edited By Hopper on 31/07/2017 06:42:15
Edited By Hopper on 31/07/2017 06:43:13