I no longer use the topslide on my Warco 250MV because everything is so flexible. I certainly cannot use the quick change tool post for anything other than with a light boring bar. I have a solid block of steel set on the cross slide with the 4 way tool post set onto that. It is about as rigid as one can get. I have made it so that most tools, such as indexible ones do not need shimming.
I have a 25mm deep cut off tool holder & I mount a 13mm* 2mm exide tapered steel blade in it. I just grind a bevel on the front that looks right & touch it up with a stone. The holder obviously does not fit in the tool post so I bolted 15 * 15 piece of bar on the side. I then milled it to 12 deep such that it fitted in the tool post & the cut off blade sits dead centre.It has a very slight curve in the bottom & by tightening the 3 clamp bolts unequally I can force the blade up or down .25mm as it rocks in the tool post by a few of thou. That gives me a solid holder in a solid tool post.
I find it works OK on steel at 180 RPM,with lovely curled chips if I can maintain an even feed. I would like to run slightly slower, but the lathe keeps stopping, as the variable speed is carp at low revs
As for cutting oil I find that chainsaw blade lubricant seems to work OK. I have found a particularly "sticky" one. Not sure of grade or make. They sell it locally