Chuck, the M-2 HHS tool bits shown in the link you provided will be just fine for all steel that has not been hardened. M-2 Tool Bits with 8% Cobalt are recommended if you need to turn pre-hardened tool steels such as 4140, P20 or CSM-2. However, straight M-2 will cut these steels just mentioned, but the RPM needs to be reduced to about half.
I kinda like the extra latitude the T-4 5% cobalt & 8% cobalt provides, even though it is a bit more expensive. Here is an example why:
Most gear & cone head lathes are not variable speed. If facing 6" diameter steel at a given RPM you'll probably select that RPM by SFPM for that type of steel at its mid diameter. Then select a speed from those available on your particular machine. Neither situation is likely to be "ideal" because out at the 5 to 6" diameter surface speed will be too fast, and from work center and out to a 2" diameter, too slow.
Because higher surface speeds generate more heat, the cobalt tooling is better able to maintain a lasting cutting edge running out at the 5 & 6" dia. while not having to sacrifice so much at the smaller diameter areas.
BTW, a rule of thumb for determining whether to use HSS/HSS-Cobalt or carbide tooling: If a substance can be cut with a file, use HSS. If a substance is so hard that a file won't cut it, use carbide or ceramic.
Note that the rule of thumb may not apply if you are running high production rates where time, in seconds = dollars, which is rarely the case in a home/hobby shop.