Ian –
Your photo of the vertical-slide in use: Is the additional plate cut out so the slide nests in it? That would pretty much as I have made though mine is two separate blocks.
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Merlot –
Tool-clamping: The “screw next to the nut” on the tool-clamp is the support and fulcrum for the clamp-plate. This type of tool-post was very common at one time, even on large industrial lathes.
When set correctly the plate should be level or tilted very slightly down towards the tool. If it tilts the other way or is tilted too much the tool could slip out – spoiling your day, the work and possibly the lathe. A piece of card, cork or synthetic rubber betwixt clamp and tool will improve the grip without needing excessive strain. Not plastic – that can slip.
There is, or ought be, a light spring below the clamp plate to help hold the plate up when released. Not essential but it makes using the clamp less fiddly.
I do have a rather crude, commercially-made QCTP sold for small lathes, and it will fit the EW but not very happily. Really, a 4-way tool-post may be better – not difficult to make from 3 square pieces of plate held together with countersink screws, with suitable screws for clamping each tool – or as others have suggested make a custom QCTP to take simple block-type bit-holders. A simple 4-way post has no angular repeatability, but it would not be difficult to devise a simple indexable one without costing precious vertical space for the tools.
At simplest: fit small, strip-steel fences to the outer side and front face of each block to locate repeatably against the flanks of the slide.
Tool types: Don’t worry about carbide insert tooling for this lathe. They will work on a small, low-speed lathe like the EW, and I sometimes use them on my larger lathes; but you can obtain very good results indeed with HSS tooling on any conventional lathe. It’s what these older machines were designed to take, after all, or even plain high-carbon steel. The secret is in good tool-sharpening and setting as much as in speeds and feeds. The sintered-carbide tips do work at “low” speed but are really for high-speed work, designed for commercial work-rates – where their manufacturers quote their expected lives in tens of minutes!
Four-jaw Chuck: I assume conventional form? In that case setting it so the correct part of the work is on centre is fundamentally the same as on any lathe.
Not “black art” but entailing a DTI for setting cylindrical stock concentrically, and tools like sticky-pins, wigglers etc. for irregular work. Or just pointing the tailstock centre at the marked centre or nestled in a pre-drilled hole, or using the tip of the tool to touch off the edge(s) of the work.
A 4-jaw chuck allows facing and cylindrical-turning polygonal material, but at cost of powerful hammer-blows through the work to the lathe. Rather unkind to a light machine like the EW; the first effect being one very tightly jammed-on chuck. It is better at the very least to file chamfers on the edges to give the tool some lead-in until it has started to round the work appreciably. (I do something similar for my manual shaper.) And take very gentle cuts, of course.
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That 3-jaw chuck you have looks like the sort used on Peatol and similar lathes, and should grip properly cylindrical work adequately if in good condition. It’s still a scroll mechanism at heart, like any self-centering chuck. However, a key-operated chuck has a stronger grip and removes a potential source of strain from the lathe in tightening and releasing it. Note when you change between internal and external jaws to put them in their correct (numbered) slots.
NB: never use a good self-centering 3- or 4-jaw chuck for gripping rough bar. Doing so puts very unfair strains on it and risks the metal working loose in the chuck. Use the 4-jaw independent-jaw chuck instead.