Scrapmetal and barrydc1,
I hope Mikey's pics cleared that up for you. No contradiction in my statements--I was referring specifically to the common far east carbide tipped bars, and describing the two possible setup conditions in a boring head. With the brazed tip bars, as purchased, proper setup in a boring head is not possible. You CAN achieve centerline setup in the lathe, because tool centerline setup is independent of spindle centerline. That is not so with a boring head. Every boring head I've seen has the tool hole on a radial centerline of the spindle when installed.
Take a new Chinese carbide tipped bar, say 1/2" shank, and lay it on a flat surface. Now take a 1/4"parallel, and lay it on the surface just in front of the business end of the tool. Now roll the tool til the top of the carbide is parallel to the parallel, and you will see how far above center the cutting edge will be if installed in the boring head where you've eyeballed the cutting edge parallel to the boring head slide motion. You can also roll the tool so that the cutting point is at the same height as the 1/4" parallel, and you will see how much negative radial rake the tool will effectively have if installed like this.
I've always gotten my best boring head results using tools with neutral radial rake, and positive to very positive axial rake, depending on the material. Sharpen to this geometry and a sharp point, then hone a very small corner radius on the tool. As far as DOC goes, you just have to figure this out for yourself. Every setup and tool/workpiece interaction, sharpness, feedrate (hand or power) is different. I will say that a 2" long 1/2" bar will require a very light touch in steel!
Sorry if I confused anyone with my previous post.
Regards
Bob