If you have more money than time, you can buy preground tool bits. I use them.
<h1>H5687 8-Piece 3/8" HSS Tool Bit Set </h1> <p>Usually used on metal lathes, the H5687 tool bits can also be ground down and used for engraving metal. <p>This set comes with these sharpened profiles: offset right and left-hand tools with chip breaker, straight and ship breaker style treading...
www.grizzly.com
Also, Accusize sells the same.