I just saw this thread was bumped today. A few things that I have found helpful when
parting:
1) I have settled on 1/8" wide 1/2" high HSS blade with a T profile with a grooved top.
The wider blades don't wander as much on me. I end up with a much straighter cut.
2) I have 2 parting blade holders, one with very little stick out (~1/2") and one with
considerably more (~ 1.5").
I don't have to readjust the length and re-center when working on larger diameter work, just
swap holders.
3) I have a variable speed lathe and on a larger diameter piece, the SFM will change as the
diameter changes, so I will start off slow and speed up as the diameter decreases. I generally
only have to do this once for a 2" diameter piece, but it seems to help. Even without a variable
speed lathe, you could stop, increase the speed, then continue on with your cut.
4) I'm not sure why, but I tend to do better parting aluminum dry. With steel I will use oil.
I have used WD-40 and oil on aluminum and neither worked that well. Maybe something
like tap magic for aluminum or rapid tap would work, but as I said, parting aluminum dry
has seemed to work ok for me.