the boring bar is generally used to make internal cuts, but i have used them for external cuts
BTW, dead centers can be used in both the tailstock and in the spindle, for turning between centers
the MT adapter sleeve has a Morse taper on both the internal and external surfaces, it is meant to adapt smaller Morse taper tools to larger Morse taper sockets
you don't appear to have a holder for the triangular carbide insert
you'll need to measure the tool holder that has the 60° straight insert- it may be a CCMT
the AMMCO inserts are intended for brake resurfacing lathes, turning cast iron drums or discs
you may be able to create a tool that holds them in the correct geometry, but
IMO you may be better off purchasing used or import tooling
it would also be to your advantage to learn how to grind HSS (high speed steel) bits by hand
HSS will cut just about anything a hobbyist will trow at it (less exotic materials)
HSS with 8% Cobalt will take care of the rest of what you are likely to run against
If you combine that with an expert's advise (
@mikey) , read this post in entirety .....
In a recent thread by @Darkbluesky, http://www.hobby-machinist.com/threads/lathe-accessories-tools-ideas-of-what-to-buy.62043/#post-511618, @ttabbal joked about sending me blanks to be ground into lathe tools ... he was joking! But it got me to thinking ... yeah, I know it's not a good thing...
www.hobby-machinist.com
his shear tool is beyond reproach.
i have used it on the lathe and shaper and the geometry is incredible on multiple materials from stainless to aluminum,& nylon to delrin
i would avoid buying the tools on the top right of the first picture for now- save that for later
you may wish to consider spending a few shekels on a AXA quick change tool post to improve the lathe function,
that is if you intend to turn materials.
i can say from experience that the 3in1's are nice machines, but they lack rigidity.
as a result, your milling cuts will need to be oriented in the conventional milling direction.
the work is fed into the rotating tool in the opposite direction of feed
in your case, the tool may spin clockwise.
that's great if you are drilling holes,
but if you feed work from the table into the cutter, you are climb milling - no bueno
climb milling has its place, but not in deep cuts on light machines
it sucks tools out of drill chucks, it breaks all but the sturdiest of tooling ( don't ask how i know this crap )
the moral of the story, run the drill chuck counter clockwise if you are going to attempt successful milling (over .010" depth)
run the drill chuck clockwise for only very light finish cuts (less than .005"depth)
as far as the lathe function,
you'll need to grind or shim the bits to match the spindle center height, this is critical to proper operation
if the tool sits too low it digs into the work and creates havoc
if the tool sits too high, the bottom of the tool rubs on the work and doesn't present the intended cutting edge to the work.
ideally, the work centerline and the tool's top cutting edge should be on the same plane
again, i'll stress the need for grinding tooling, it will be very important for your success here.
other than that, you'll have hours of fun learning how it all works,
theres lots help if you ask!
all the best
mike