Welcome to HM, Richard. The Sherline lathe is perfect for your purposes (and much, much more).
Normally, 1/4" square HSS tool are used on this machine and they work fine - cheap, quick to grind and cut well. If you switch to a QCTP, which is highly recommended, you can use larger tools - 5/16" or 3/8" if you choose.
Tip geometry of your cutters matters on a small lathe so I suggest you spend some time learning about that and then practicing on some mild steel key stock until you get the idea. The Sherline responds very well to larger than standard tool angles that are intended to reduce cutting forces. Standard geometry tools, even on the tools supplied by Sherline, cannot compete with a tool ground like this.
After spending over 20 years with a Sherline lathe I have whittled my list of necessary tools down to these:
- RH and LH general purpose turning tools. These have a shape about halfway between a roughing and finishing tool. I also have these tools with zero top rake (flat on top) for brass/bronze. Keep your nose radius small on these tools, no more than 1/64" or so, and keep them sharp. You can go up to 1/32" nose radius for brass to produce a mirror finish.
- RH and LH knife tools for facing and shoulder work.
- Round nose zero rake tool for between shoulders work on most materials, especially brass. Keep this nose radius about 1/32".
- P1N parting tool ground with a 7 degree relief angle, mounted in a rear-mounted tool post made specifically for your lathe's centerline. The Sherline does not part well at all from the front but will zing though almost anything when parting from the rear.
I would avoid carbide tools if I were you. You will find that HSS will work much better on your little lathe.
The other tools that I consider a must-have are gravers. Almost everything I make on my Sherline lathe is touched by a graver at some point. The results are usually subtle but will take your work to another level.
Sherline sells a graver tool rest but it is simple to make your own. The beauty of this rest is that it allows you to get the support right next to your work, which is important for control and finish quality. WR Smith designed that tool rest and it is a winner. He wrote a detailed article on that rest in Home Shop Machinist magazine; you might want to see if you can obtain a copy and make your own for much less than Sherline charges for it. The gravers are cheap to make. Search YouTube for videos on these tools. Smartflix also rents videos by WR Smith and they are worth the cost to view them.
Sorry, didn't mean to get long winded. You will find a wealth of information on this site. If you don't find it then ask and someone here will help. You can also join the Yahoo Sherline group.
Mikey