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I will suggest get a quick change tool setup. So much more user friendly.
Going with carbide inserts works just great.
Check ENCO tools, they have good prices.
buy a used 12" swing, they are out there with all tooling. Industry shifting to cnc lathes.
I have a 13" I bought 15 years ago for $3200. with tooling. It was new delivered.
Small jobs for walking in customers $50/hr.
Have it for own use.