For the new guys following along who may want to try a tool post like this, please keep in mind that the bottom of the slot that holds your parting tool MUST be on the centerline of your lathe spindle. So how do you determine that number accurately, and how accurate do you need to be?
The simplest way to determine your spindle centerline measurement is to chuck up a piece of stock - steel, aluminum or whatever is handy and dimensionally stable (not wood) - with about 2" sticking out of a 3 jaw chuck. Since this is a first operation, the OD you produce will be dead on accurate. Take a 0.010" deep cut to take off the skin, then 0.003" to size it, then about 0.001-0.002" and strive for a good finish. Measure the OD accurately and divide by 2. Use a height gauge if you can and measure from the surface of your cross slide to the top of the work piece you just turned and subtract that 1/2 OD. THAT is your spindle centerline. Write it down and put it somewhere you can retrieve it when you need it.
This number is the distance from the cross slide to the bottom of the blade slot in your tool post. Try very, very hard to cut that slot accurately, within 0.005" or less below but 0.000" above this number. If you can hit it, try to get the bottom of the slot dead on your spindle centerline number. Remember how we always have to try to align the tip of our parting tool to the spindle centerline? You will never have to do this again.
Try to also include a ledge that registers on the edge of your cross slide. This not only prevents the tool from turning; it automatically aligns the blade perpendicular to the spindle centerline so you will never have to mess with this alignment ever again.