Personally, (and I am very much a novice and not doing best practise), I use thin brass shims to bring whatever tool I'm using up to the correct height (I also use an ML7). For some of the more commonly used tools I keep meaning to machine a correct size shim but I never get around to it!
I use a combination of HSS tools (so literally lumps of steel that I grind to shape on a bench grinder) and carbide tipped tools. What sort of things do you plan to make? Where are you in the world?
As with everything, positively every person who replies will have different opinions! Techniques vary, some people swear by HSS and don't touch carbide, some people can't understand why people still persist with HSS. I use both because I feel they have different strengths.
It's a lot easier to learn this stuff with someone there to help, if you haven't already, when lockdown is over, I highly recommend joining a model engineering society or similar, I have learned so much from those eager to share their skills.