I have been using a Diamond Tool Holder for a number of years on a 12 X 36 Jet lathe.
Advantages:
Extreme ease of sharpening with 100% repeatable results
Easy to set up properly in the lathe
Can be used on all metals and plastics.....I use it on cast, brass, aluminum, SS, delrin.....
Easy to have a rounded bit for extremely fine finish and a pointed bit for deeper cuts
For smaller lathes, it seems less power and RPMs are required.
As far as "stringing chips"...With my lathe (DC variable Speed) if I simply speed up or slow down just a few RPMs, the stringing stops.