As a beginner in machining, may I caution you to learn your trade BEFORE machining expensive parts for a loco.
Better to make your mistakes, and learn from them, on a piece of relatively cheap mild steel, rather than a costly casting.
It may better to,learn the basics by starting with High Speed Steel tooling.
Find a local Model Engineering Society and join. You will be among like mined inviduals, who can advise, guide and SHOW you how to do things.
Buy one or more books; there is quite a list.
Dave Clark, David Fenner and Neil Wyatt have all written books on the mini lathe.
Stan Bray, Harold Hall and L H Sparey have all written books on lathe work,in more general terms
Any one of these will provide useful information and advice.(Which will answer a question almost before you have formed it, and solve a lot of puzzles )
Do buy a set of Zeus Charts. I till regularly use the one bought bin 1958!
Where are you located? There may well be one nearby.
You can learn how the various clearance angles affect the way in which a tool cuts. (Carbide will cut harder materials, but moulded tips are not as sharp as well ground HSS tools. Ground tips are good, but don't take kindly to being banged.
As a beginner, you will have collisions, in all probability, One of the mistakes that we all have made, even if we won't admit to them!
HSS will stand a lot of abuse.
Basic projects enable you to learn, gain experience, and confidence, and a tool which can be used for years to come.
My suggestion for a first, would be a Centre Height Gauge. making this will give experience of Facing, possibly straightforward turning, Drilling, using a Tap and a Die.
Once made and set tools can easily be set to Centre Height, so that they cut properly. (If not at Centre Height, they won't, and will leave a pip around the real centre point of the work ).
If you want to, you can make one or more Tap Wrenches, or a sliding Tailstock Die Holder, maybe even a sliding Tailstock Tap Holder (A protege is making these currently!)
HTH
Howard