I have just finished MY version of a tangential lathe tool holder. The shank is the parallelogram type the idea which I copied from Michael Cox's design (thank you Michael).
I have read on here and in ME or MEW that these tools can allow the HSS bit to slip under load so I have come up with my own design of tool bit clamp.
I have tried the tool out and having put on what I consider to be a heavy cut – as heavy as anything I would ever use in future – I am able to report that the HSS stayed in place.
I wanted to get the two 4mm caphead screws as close to the slot as possible but I got a bit to close and JUST broke through the slot with the clearance drill. Never mind though, I machined the threads off in the fouling area and Bob's your uncle.
The only other thing I have done that I have not read about is to take a whetstone to the operational corner of the HSS bit and stone a small radius the whole length of the bit. Dressing the bit in an end to end stroke makes sure any striations are running in the right direction cutwise.
I had considered machining the clamp in gauge plate followed by a little heat treatment but I decided instead to simply use a piece of scrap that was lying around. It wasn't gauge plate but it wasn't MS either – something a bit tougher!
I have never been heavy handed when it comes to tightening screws so for the trial cut I just "nipped" the screws up. Anyone using this design who delights in stripping threads would be ever so pleased
Rik http://www.model-engineer.co.uk/albums/member_album.asp?a=27519