Im still using the HSS tooling, and seem to have good results. If your new to parting, you should be aware of a few things. The tool should be on centre, thats typical. The tool should also be choked up to the tool holder so the min amount is sticking out. When setting up, make sure the cutting tool is not angled to the work. You can use a 123 block, and hold it up to the chuck, and wheel the cariage up to check for this.
When cutting , I would recomend a slow speed, and lots of oil. On tough materials, if you use flood coolant, it helps to keep the material, and heat from building up. To much heat, and you can have it grab the tool cutter, and break it. I some times will retract the tool, and check to work piece, and tool for excessive heat. If need be, a cool down period is in order.
Check your gibs before doing any parting. Loose gib ajustment will lead to trouble. The axis your not using should be locked down, and the compound checked, and locked if it has a lock. I would recomend feeding in by hand at first to get a feel for the cutting action. If its cutting well, and your keeping the oil flowing you should be fine.
If your feeling your using excess pressure to get the cut started, chances are the tool isnt sharp. At that point, your best to have a look at that, or if you push it to hard, you may dig in, and again snap the tool cutter.
Parting off under power is somthing I would not reccomend you doing till you get used to the parting process. Small lathes that arnt very ridgid can be a problem parting under power. Big , heavy ridgid machines are more forgiving. The speeds and feeds will need to be tested to find what works on your machine.
Keep the chips coming off cleanly, keep the heat down, and a sharp tool is allways better than a dull one.