Hi Russell, it is a myth that you need different rake/clearance angles for different materials, well it is for the average home user where a few seconds less between sharpenings is of little or no importance. Metal should be cut the way she likes to be cut and that usually means a fair amount of rake, where different rake angles come in the equation is in making the edge stronger hence last longer. It was in industry, where seconds saved might mean profit instead of loss, that all those rake/clearance angles came in but industry gave up on HSS decades ago so feel free to ignore the outmoded, but oft repeated, information.
A single Tangential tool will do most turning and facing jobs, and without having to swivel the tool post between those operations, except for jobs where HSS is less than ideal like abrasive cast iron skins or case hardened steels etc. Unless of course you put a piece of solid carbide in instead of HSS but that is another matter.
As for being a Luddite not at all, it makes you more modern than you thought you were, Tangential tooling goes back to mid Victorian times before HSS came about and high carbon steels were the in thing for cutting tools, and by the way another reason for various rake/clearance angles to protect the cutting edge.
Perhaps Neil could commission an article on the history of lathe tools, it might prove interesting to the self taught homeshoppist and give them food for thought for reinventing lost but still, potentially, useful ideas.
chriStephens