Pip
Good to hear you are having a go at lathe work. As a toolmaker with forty years behind me what the other posts have told you could not be more correct.
HSS tools for machining is all you need but tungsten is an advantage on cast iron due to its ware resistance.
Now what some people don't know is you need a very fine diamond wheel to get a tungsten tip really sharp. Yes you can use a green wheel and if you do have a look at the tip under high magnification you may realize what a rough edge you have just produced. Have a good look at a new tungsten tip and look at the radius at the front. That is the secret to a good finish.
Now when you grind up your HSS tool use a fine oil stone and stone a radius around the front. This radius may only be a couple of thousandths but it makes all the difference.
Try what is called a water finish, Put the lathe is back gear and don't change your feed. Put on a five thou cut and engage your feed. Now you must have heaps of fluid running over the HSS tip. It will take a long time to cut two inches but the finish is well worth it.
HSS will do 95% of all your turning.
Larry
Edited By Larry Coleman 1 on 08/01/2015 10:23:55