I use replaceable carbide tips for roughing and boring, HSS Tangential tool for finishing, on a newer and larger lathe than a Myford 7 Series.
Carbide was coming into general vogue in industry about the time that the ML7 was launched (1947 ). So the machine was never designed for the speeds (With plain white metal bearings with drip feed lubrication ) and feeds to maximise the capabilities of carbide.
It can be used on a 7 Series, without problems, but not to maximum effect because of the speed limitation, for a start. Spectacularly good finishes can be produced using Carbide at LOW speeds with neat oil lubrication. But that is not why it was developed. Very fine depths of cut are not the ideal use, (If you want to remove 0.0005" (0.012 mm) carbide is inferior to sharp HSS ) and intermittent lubrication can result in cracking.
Carbide comes into its own when turning hard materials. Cutting some case hardened spacers produced some wonderful red hot wire as swarf.
Carbide does wear, and chips easily. HSS is more tolerant of interrupted cuts and can be sharpened when the shops are closed; and ground to particular shapes when a form tool is required..
The tool needs to be selected to suit the material being machined, intended result and the means of achieving it.
Howard