Lantern tool posts are fine - they were the standard for over a hundred years, and lots of excellent work was done with them. They can be a bit of a pain, but they address one of the tool angles (back rake) with no grinding required, they are quick to position and make it easy to reach many orientations. Learning how to use the lantern post type of tooling will be one of the easier machining competencies to figure out - compared to many other abilities that necessary to produce good results with machine tools.