Thinking that some of our guys may not wish to mess with grinding a tool to cut Delrin, I decided to try using a carbide tool to compare results. I used one of the most popular turning tools in existence, a SCLCR tool with a CCGT 22.51 Aluminum cutting insert. This insert is very sharp, has an aggressive positive rake at the tip and it cuts very well, indeed. I didn't have a 22.52 (1/32" nose radius) insert handy to compare but even the 22.51 (1/64" nose radius) left a nice finish when fed a bit slowly. It will also rough as aggressively as your work holding situation allows.
An SCLCR tool normally takes CCMT inserts but will fit the CCGT inserts as well. The aluminum cutting inserts work a treat for aluminum but I can confirm they also do Delrin quite nicely. The 1/64" nose radius cuts fine but finishes a bit spirally for my taste; for finishing, a 1/32" nose radius would be better in my opinion.
Is it better than HSS? No, it is not better than the tool I would normally use but then again, I had to grind it. This took me all of 30 seconds to put an insert in the tool. For the guy who doesn't turn Delrin often, this would probably work just fine. If you must cut tight to a shoulder a smaller radius works but for general work and finishing, the 1/32" nose radius insert would be better. Just be sure to get the insert intended for aluminum.