I made myself a Four Way Rear Tool Post for my lathe (An ETR BL12/24 – a Warco BH600 or Chester Caftsman lookalike).
The parting tool is mounted inverted, in a resilient holder, and with the lathe run, fairly slowly, in Forward, as normal.
In nearly a dozen years of use, there have been very few jams, and the 3/32" blade has never broken. To make matters worse, it is ground at an angle to produce no "pip" on the back of the workpiece, which should invite a jam up because the swarf is wider than the groove!.
I have even, on occasions, used a power feed of 0.0022"/rev without problems.
A steady drip feed of soluble oil, from a bottle placed above the lathe, does help
In contrast, a 1/16" blade, mounted solidly, in the Front Tool Post broke several times, so much so that I cannot recall when it was last used.
The other spaces carry toolbits to produce for Front and Back chamfers.
The Back Tool Post very rarely comes off the Cross Slide, usually to take it to exhibit at a show.
Definitely the way to go!
Howard