Great thanks for the replies and I'm new at this. I have a Emco Maximat V10-P. My greatest concern is for a nice finished look.How is cold rolled steel for working with? I want to use it to get some practice in with as it's cheap to buy.
Stock diameter depends upon the intended function of your part and on your equipment. In some cases, The as received stock O.D. is sufficient; surface finish is acceptable and roundness and concentricity are not an issue. For instance, if I were making a 1/2" long spacer , 1/4" I.D. , 1/2" O.D. to offset a plate, the concentricity of the the I.D to O.D., the O.D. finish, and the actual O.D. are not critical so I would just use 1/2" rod and drill the 1/4" hole and cut to length. If I were making a press fit bushing to serve as a bearing for a shaft, O.D., roundness, and surface finish are critical so I would select a stock diameter that would permit me to clean up the O.D.
Things to consider when selecting stock: 1. stock is seldom truly round 2. stock is seldom truly straight, 3. lathe chucks seldom have zero runout 4. actual stock diameters are often different than nominal.
If you are buying stock from a vendor like McMaster Carr, MSC, or Enco, they give tolerances for the nominal diameter. If you are buying from a local DIY, take along your calipers if the diameter is critical.
One final thought. I, as well as many others, I'm sure, am guilty of designing things with nice round numbers for dimensions which can mean that I have to go to the next larger size stock. If you have the freedom to pick your dimensions, it would be wise to design with slightly smaller dimensions than available stock sizes