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Maybe your first step should be to buy some 1/4" blanks, a small bench grinder with good quality wheels and watch the mrpete222 videos on sharpening. No matter which lathe you choose, 1/4" tools will fit and you are going to need to learn sharpening early on.
Make sure you get a pair of safety goggles, too.
Good advice on HSS,grinding and safety.Will watch mrpete222 to brush up my hss grinding.
It is true at lower speeds HSS gives a better cut.