EN3B is 'orrid stuff and cuts like toffee. With carbide inserts you need to run fast to get a good finish. See the first post in this thread:
**LINK**
Assuming that we're talking insert carbide tooling they can be quite worn and still cut. The most noticable effect is decreasing quality of finish. It will be fairly obvious if the tip is worn, as it will have a different geometry to an unused edge, and may be shiny where the coating has worn away. I'll try taking some pictures later.
Depending upon the material, carbide inserts need a minimum depth of cut to obtain a decent finish. A good rule of thumb is a DOC at least equal to the nose radius. Unfortunately low carbon steels are among the materials that are most finicky when it comes to DOC versus surface finish.
Depth of cut has the least effect on tool life, if you think about it logically. Say you double the depth of cut so you are removing double the material, but you are not wearing the tool at double the rate, as you are using double the length of cutting edge. So to a first appoximation the wear rate will be the same. If the lathe doesn't have enough power then the feedrate and/or spindle speed can be reduced.
Taking lots of shallow cuts simply wears the same small part of the tool. Increase the depth of cut and decrease spindle speed and feedrate if required to maximise material removal versus tool life.
Andrew