There are differences. If you can get MoMax Cobalt, as opposed to no-name you might be able to tell the difference, but possibly not. Maintain the surface feed of 90 feet per minute, (I always have to figure it out, or look it up, the only one I know is 900 fpm for 1/4 inch) your tools will last for ever. (well maybe not forever, but you won't be sharpening them daily.)
I bought some 3/8 HSS lathe tool bits New old stock, last Saturday for $1.00 ea.
As hobbyists, I believe that any true HSS lathe bits will be good enough for our use. Its production, where a bit may be used 16 hrs a day that the differences show up. That's why carbide tooling was developed. The story I heard was that when Henry Ford changed from 4 cyl to V8 engine blocks ca. 1932, that he bored the cylinders with carbide tooling, a new product at that time.
I get the small stuff usually from Little Machine Shop. I've made a number of specialty tools from small bits I got from them. Both turning and forming. I don't recall them having anything over 5/16th though. I was going to post a link, but I am struggling to find HSS lathe blanks on their site right now.
While I don't trust Bolton Tools completely on their import machinery I did get some larger HSS bits from them at a good price and they have performed well enough. I wanted to make a heavy right hand turning tool for interrupted turning down keyed shaft. Worked fine and held up as well as could be expected. I even pushed them a bit on my PM1440 and they worked pretty well. I don't recall now, but I think they were M42 and the price was good. Here is one they show in 3/8 http://boltontool.com/12-121-HC014?search=M42 The ones I got were 1/2 I think. They are certainly hard enough. It takes some patience to grind them.
I obviously could have got blanks for less but I was getting a few other things from MSC also. Unless you buy Cleveland the rest probably come from China anyway so it's a crap shoot.
Wasn't picking on MSC, although their stuff is often a Chinesium crapshoot too. I am a long term MSC and Enco customer. With my pricing my way oil and cutting coolant is usually the best price from MSC. Just giving my own account of some bits that worked as expected at a pretty good price. (The m42 from Bolton) So far that heavy right hand turning tool for interrupted turning has only needed to be lightly touched up and honed. I have not had to regrind it. I bought a few just in case, but the others are still blanks in the drawer.
No Bob, it's all good. The bits I got from MSC have China stamped all over them. I was just there for other things and put them in the basket at the same time. Just convenience. I haven't had a chance to use them much as I'm setting up a new machine.
For the beginner, almost any bit will work just fine. I have some old plain carbon steel blacksmith drills that I am always goofing up. I made a special holder to use these as lathe bits. Just keep them sharp and run them slower than HSS, and they work better as lathe tools than as drill bits. They are easy to burn, though. As for cheap Chinese bits, I hear that somebody did a spark spectrograph on some old Harbor Freight bits and found out that they are really not HSS, although I hear that newer ones are fine. If they don't work well, pay attention to the spark. Get one or two good bits so that you know what to expect. Garage sales are the best. A good HSS bit (M2 is OK) is worth $5 just for the learning experience. Once you learn, you can break all the rules.
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