Welcome to the Forum!
On tooling, I would advocate the Tangential turning tool.
Many have made them, but as a newbie, it would be better to buy from Eccentric Engineering. There is an agent in UK.
It is an easy tool to sharpen, since only one face needs grinding, and a jig is supplied with the tool.
This means that a bench grinder is needed.
And since the toolbit is moveable, and needs to be set to centre height, one of the first projects ought to be to make a Centre Height Gauge, to make setting much easier than experimenting until you get it right..
The toolbit is 1/4" HSS and lasts for a long time, and is readily available when replacement is required.. (I bought one three or four years ago, use it a great deal and the 2" length of HSS is still not worn beyond use ).
Making such a gauge will be a useful learning process, and give you confidence in using the machine, for turning, drilling and probably using a Tap and a Die..
There is a picture of mine in one of my albums. Mine has two blades, the reason for which I will explain if you PM me. You will only need one blade on yours. (If you wish, I also have a picture of a very simple one. that I can send you ).
As time goes on, you will find just how useful a lathe and a milling machine can be.
You have years bof pleasure ahead of you!
Howard