It depends on the tool post that you are using, the drive of the machine, and how powerful the machine is. A 12 inch swing lathe's capabilities can very wildly. If you are using a rocker style tool post and just starting out. HSS would be the way to go. That's the type of tooling that rocker or lantern posts were designed for. Some people are very good at rocker tool posts and have no problems using carbide tools. I'm too impatint. I use indexable carbide with all of my machines. Indexable carbide, or carbide tools in general, require more rigidity and produce more tool pressure to function properly. They need more force to break the chip. If you have a belt drive machine, you MAY run into trouble with belt slippage. I have a Rockwell that is a belt drive and she handles indexable tools quite well, as long as I don't get greedy and push the cut. Some members in this forum have ways to get around these problems, and may speak up later. My other machine (Harrison) is a gear driven machine that has a 5 horsepower motor. That is also a 12 in. swing machine. I use a QCTP (quick change tool post) and run the heck out of her. I use a Secco trigon style tool, and a Secco straight triangle style tool for finishing. Both are right handed tools so I can face and turn with the same tool. Do a bit a reading if you decide to go with indexable carbide. Different coatings and grades of carbide are used for different types of materal. They do have general purpose inserts that perform well on different materals, but if you get into stainless or titainum, the general purpose inserts will fall flat fast.