Hugh,
The "rear parting tool mounted upside down" idea is something taht works really well on very light lathes – I had an ML10, and always parted off in this way – it worked for me. Running the lathe backwards wasn't an option, as the chuck was screwed on.
Why does it work? Not sure – maybe it's simply because it eliminates the topslide from the equation. I had a lump of steel bolted to the back of the cross slide as a toolpost.
I now have a *much* heaftier lathe – a Harrison M400. I use the parting blades with the spring in-type inserts the 'right' way up, in a normal quick change toolholder on the topslide – never a worry, just stick it on an infeed of 4 or 5 thou per revolution and let it run. I've parted off 12" diameter, inch wall thickness pipe this way. Flood coolant helps.
I'd think that your Student would be equally suited to working like this, if it's not too worn or the slides aren't too loose.
Ian