I start out facing the end of the stock with the facing tool, then I switch to the right hand turning tool to rough out the O.D. (this forces me to change the angle of the tool holder) Then I have to switch to the facing tool again, which causes me to have to change the angle of the tool holder again. When I attempt to then match the correct O.D. I have problems holding the same dimensions at the shoulder, or if I have to increase the depth of the shoulder I end up messing up the O.D.
Also question on the new tool holders, Is is true that the new indexable tool holders have the geometry to both face and turn without having to change the tools?
It sounds like you're using inserted carbide tools, at least until you learn to grind HSS. If you wish to turn and face without turning the tool post then the
SCLCR (RH tool) and
SCLCL (LH tool) turning tools would serve you well. These tools have a
built in 5 degree clearance angle on the side and end so that the tool will both turn and face with the shank of the tool held perpendicular to the work; no angle changes are required. They use both CCMT or CCGT inserts that come in a variety of grades and nose radii that allows you to cut almost any machinable material. The tool holders are standardized and made by many makers; I prefer SECO or Iscar but there are many others. Inserts are also made by many makers and are popular on ebay.
If you go this route I would choose a tool holder maker and download their literature on turning tools and inserts and then learn how to choose the insert you need.
If you go with HSS then things get more complicated because the various angles change depending on the material you are cutting. With no offense meant, I am going to suggest to you that relief and rake angles make a huge difference in cutting forces, cutting temperatures, finish and tool life. Getting it close is not as good as getting it right.
It is rather simple to grind a general use tool shape what will both face and turn with equal ease; all you need is to be sure that the angles at the tip are less than 90 degrees. That is, the angles between the side and end cutting edges need to be about 80-85 degrees to each other. This allows you the clearance you need to turn the OD or turn into a shoulder and face out without any of the edges rubbing against the work. Note that we are simply addressing tool shape here and are NOT talking about relief or rake angles. A worthy tool shape might be one that is halfway between a roughing tool and a facing tool.
As I implied, the relief and rake angles will differ with regard to the material you are cutting if you want optimal performance. However, you can choose angles that will work with most materials, though they will be a compromise. This would be well beyond the scope of this discussion so I will desist. Just keep in mind that with HSS tools you will, and should, change the angle of the tool (this is called changing the lead angle) to suit your purposes - more lead angle when possible to enhance finishes and less lead angle to reduce chatter and enable deeper cuts or to approach and cut/face a shoulder.
Anyway, look into the SCLCR/L tools - they will suit your needs very well.
Oh, and when you get to grinding HSS I suggest you choose 6061 Aluminum or 12L14 mild steel to practice on. These materials are hard enough to let you see how the tool is cutting (sizing accuracy, finish, chip shape, etc) and soft enough not to present a challenge when learning how tools and materials like to cut.