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Re: buying a lathe?
The only tooling you really need is some 3/8" high speed steel (HSS)/Cobalt blanks, and a parting blade. A boring bar would be nice as well, but you can make one with some round stock and a small 1/8" or so HSS blank. One of the quick change tool sets should have all of the holders included. Learn how to grind and all you need will be blanks, gages (for checking tip geometry), and a bench grinder.
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