Whilst the tool capacity for the Myford toolpost(s) may be advertised as 1/2", it probably refers to using the "Boat" type tools which allow the toolbit to rock to allow adjustment in height.
If you're using 1/2" HSS blanks for rigidity, then just grind the cutting edge a little lower.
Obviously it's a bit more of an issue with carbide tooling, either brazed, or inserts. In this case you need to mill or grind a bit off the bottom to lower the cutting edge proportionally.
it's obviously less of an issue with the single tool holders where the base of the tool bit sits directly onto the topslide.
In my case, I made something similar to this many years ago. Obviously the issue is that the bit of metal below the slot for the tool needs to be of a suitable dimension to prevent it bending under load, and it's this thickness which restricts the tool height.
I got round this by losing that piece altogether and machining a plain rebate rather than a more conventional slot. i.e. there is no bottom to the LH edge of the toolholder. I then cut and welded a short length of ex-bed angle iron in place. This provides a very thin base to the toolholder, but it's still rigid as one now has a square hole for the tool, rather than a three sided slot. I can now use 1/2" tooling without issues.
Sorry for all the external links, but the relevant parts are on my other lathe 30 miles away, so I can't photograph them at the moment.