I'm by no means an expert, but as a rookie, 1045 steel seemed to be easyer to turn with carbide cutters, I have a lead screw, and found that my cheapo craftex 7 x 21 or (19?) worked a lot better with smoother cuts if I turned it pretty fast with a slow feed and the cutter I was using also helped. I usually get it real close and then finish with some emery cloth to really make it shine, if I'm going for super accurate, I test with a dial indicator, seems the more I learn about machining the more fussy I get...lol
I seen a you tube video about a guy that made some really heavy duty pins, and then heat treated them in a wood stove, then cooled them down in water for the temper, keep in mind, use a metal pail if your going to drop any hot steel into water.