So my victor lathe comes with a 4 way tool post. I cannot find a low cost source of any QTCP so for the time being I am having to cope with a 4 way tool post. Anyone here are in the same situation?
No, not really.... I've got a rocker tool post for most of what I do.
How do you cope with having to scramble around for the right thickness of shims to get your tool bit up to the right height?
If you need something like that, it should be with the tool. That is, when you lay each tool in the (drawer, box, shelf, wherever it lives when you're not using it), the shims should be with it. Counted, sorted, just the right height for that exact tool. I know, it seems like a lot right off, but shims are not hard to come up with. They have to be "good", but not all that perfect. (Good is required though).
For example, in my world, with the rocker tool post, I have two holders that are good, but present the tool too high. I've "lathed" myself a washer that replaces the rocker at the bottom of the tool post with essentially a round shim of exactly the right height. Each of those holders has a shim made for it, and it lives with them at all times, in use or not. I also have a ceramic tool holder that arguably shouldn't be on my lathe on the best of days. That has a larger shim and I skip the tool holder all together, I clamp it on a thicker round "shim" directly under the lantern screw. That shim/spacer lives with that tool holder at all times. My parting tools, each of those has a washer, cut down to exact thickness, that I put under the rocker, so that they present pretty level out of the rocker, but still let me "rock" them just a whisker up or down.
In your case, how much shim do you need? Larger tool holders are a good thing, but also larger money. You said you're using 20mm? What size do you need? A small stick of cold rolled flat bar of a useful width and thickness could be cut into several spacers. As was already mentioned, an inexpensive set of automotive feeler gauges makes a GREAT starter kit for a shim selection to start from. It's far cheaper to buy shim stock in bulk, but you can't really buy bulk if you're buying every size.... A larger shim (spacer) from the bar stock, or heavy sheet metal in a common size (lower cost than oddball or custom stuff), plus a couple of the feeler gauges to fine tune to where it needs to be). If you're getting new tooling, now or in the future, I would suspect that what you need versus buying oversized for better fitment would save enough money to cover the shims. Further, as you are making things, you'll find things in your leftover turnings that could easily become a shim or spacer with a little machine time.
Right now I just buy large tool bits, 20mm square shank. Then a couple sheets of wood veneer brings it to the right height.
Wood is going to present issues. It "might, maybe" do "ok" for some things if it's crushed tight enough, but it's not a good solution. Metal is better. Preferably steel (any grade will suffice, some grades are less prone to rust, but they cost more), but aluminum or brass would be suitable as well if you found it somewhere. If you're buying it in though, I'd just go with cheeze grade hot rolled steel flat bars or sheet metal that you could cut up to what you need.
I'll say this too. My tool post is more outdated than yours, with a lot more degrees of freedom. Lots of folks don't like either because it's too inconvenient or too difficult to operate compared to more modern solutions. I think it's overblown in either case. Very real, but overblown. Practice, building a routine, and just using stuff, over time, and not even all that much time, makes it much faster and much easier to work with. Every time you have a problem and find a solution, it sticks in your brain, and pretty quick your fingers just know what to do with progressively less and less thought, effort, ant time expended.