The mini lathe is made for 8mm or 5/16" bits with the standard tool post . Anything larger needs a QCTP and holders. Smaller tools(1/4") will need to be shimmed about .125" for use with the standard tool post. Even 5/16" tools may need small shims to get them to center. A cheap automotive feeler gauge set works great as shim stock.
If you are not good at grinding tools it may be best to purchase pre-ground tools. This will let you start threading using a properly ground tool which will help eliminate one source of trouble. It also gives you a good example of how to grind your own. A center gauge is also needed to square the tool with the work. The machinists here may know of an other way to do this. Some tools that are not expensive:
Threading Tool Bit and Center Gage $16.95
Lathe Threading 4115 5/16" HSS Threading Tool Bit; 60 Degree Center Gage; The threading tool bit is sharpened on both ends to a 60° angle for threadi...
littlemachineshop.com
Tool Bit, 5/16" HSS Threading $8.95
Lathe Threading 2221 The 5/16" High Speed Steel Tool Bit Blank is a versatile and essential tool for any metal lathe operator. Made from high speed st...
littlemachineshop.com
Some expensive tools:
Turning & Boring Tools, 5/16" Indexable, Triangle Inserts $79.95
Turning Tools 5432 4 turning tools; 1 boring tool; Inserts and torx wrenches; 5/16" shank; Uses TCMT-1.81.51 Inserts; Set comes in a fitted aluminum c...
littlemachineshop.com
Also A.R.Warner tools are great but expensive. You can find them at the little machine shop.
You can thread using the tool post at 0° instead of 29° as most machinists do. The mini lathe does not do 29 or 29.5° without some hassle. The angle is from parallel with the ways but that is not how the mini lathe reads. It shows 0° as perpendicular to the ways. It can be confusing to us beginners so going in at 0° is easiest at first. The mini would need to be set to 61° but it does not have a gauge for that.
Hopefully these few bits of info will help you get started along with the excellent tips given by the experienced machinists above.
Once you cut your first thread you will get a great feeling of accomplishment and you will inspire yourself to learn more and more operations.
Roy