Well...Here's an update.
I got my new QCTP from the Little Machine Shop. My lathe was missing tool holders and the lantern wasn't for my machine so it was either find used Atlas/Craftsman parts of go for the new stuff.
The good news is the it will make chips and the I really like what comes in the kit from LMS, the bad news is I can't get it cut a decent surface. I tried a lot of things. Pretty much every tool in the kit, some HHS that was already ground, speeds, feeds, every combo I could cook up. I could see the see the piece move a bit when the tool made contact with the steel so I snugged up the bushings a tad more which made things a bit better but I deiced to look the slop a bit more.
Turns out I seem to have quite a bit of play in the spindle. I put a indicator on the chuck and I'm getting .005" play up and down and .002" side to side. The up and down play takes very little effort to move, the back and forth I have to push firmly on the chuck. All that seems like a lot to me, especially measuring at the chuck. I kind of think this might be at the root of some of my issues, some of it could be the hardware store steel that I've heard doesn't machine well.
I did install new bushings, they're about as tight as I dare make them. There's a fine line between things turning and not. The spindle did have some wear, I was hoping it could be adjusted out.
Needless to say I'm pretty bummed. I may just buy some 12L14 to see how much of it's the steel. I knew this was an older machine with some wear and I really just want to learn but I was hoping for a bit better results. Obviously being new also factors in.
Oh and me lead screw had a dead spot in it. Man when it rains...
K