I love looking at old tool bits. Some of them have some really esoteric shapes and I wonder what the guy was thinking when he ground it. I have seen some bits that were ground by a skilled machinist, complete with cleanly formed shapes and angles, but such is not the case here, Jmanb. Don't mean to seem snobby or anything but I honestly don't see anything in the pic that I would choose to reproduce.
If it were me, I would start from scratch. I would buy some cheap Chinese 1/2" HSS tool bits from ebay and while I'm waiting for them to arrive, I would go to the hardware store and buy some 1/2" square keystock. I would cut the keystock into bit-sized pieces and learn to grind tool bits on that; it grinds easily and is cheap. It will also take light cuts, although the edge won't hold up for too long.
There is a lot of info on tool grinding on the net and this site - search, ask questions and someone will help guide you. On a big 15" lathe, you are less worried about cutting forces, power or rigidity than some of us with smaller lathes so the angles in the typical lathe tool angle table will work fine for you. As for shapes, intjonmiller illustrated the shapes that were typically used on older machines with older style tool posts and they work fine. Nowadays, with the QCTP, we can also use a more generalized shape that works for most cuts we make. Again, search because I don't want to bog down your thread with too much detail here.
I would also agree with you that if your lathe can only run at very low speeds then HSS or possibly brazed carbide might be your best bet. Regardless of which you use, I agree with Willthedancer and would hone the cutting edges with a stone, either synthetic or diamond.