I made two rear toolposts for my Craftsman lathe using nothing more than offcuts of BMS which were kicking around,nothing fancy,one was made from a piece of two inch box tubing,and I use it all the time.
I just cut the pieces to size and welded them up,drilled and tapped for Allen screws,and used a piece of 12mm threaded rod to clamp it to the cross slide.Bit iffy,like much of my stuff,but it works,and if you paint it to match the machine,who knows ?
I made another tool post for use from the front,this one rotates and locates,like the "proper" one. Reason was that I had tools set up in the proper post and did not want to upset them,but need to use other tools as well for the job.
Was not too difficult to make,cut out the location slots on the mill.,Works fine.