You have a lathe now. You can make all kinds of pretty and useful things for your lathe like a quick release handle that will replace using that wrench on that nut. Something like this handle I made for my QCTP would probably work for your tailstock (the shiny handle on top).
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I really hope you make that purchase sooner ,these two machines (lathe & mill) compliment each other and make so many projects possible, my only recommendation is to get the biggest mill that fit in your shop and your budget.Yeah, I can't wait to start making stuff. Just wish I had a mill... that's my next big purchase and hopefully sooner than later.
I didn't read all the posts , but it looks like your tool is to high to cut correctly. Is your tool bit on center and it needs to be turned a bit to the left it's to flat to the face to to do facing . It's rubbing not cutting . As for the dial it's probably the lock screw for it , missing part or lost . Threading dial may be loose , look for lock pin or set screw. Good luck have fun BE SAFE
I think you may do better with high speed tool bits , what metal are you cutting ? High speed cutters take less force to cut . There ground with relief angles to slice the metal . Most carbide require more force with very little relief on the inserts. For brass and aluminum I use a rounded high speed bit . Sometimes very small radius will help with the finish. Have you cked the gibs on the lathe if the slide or cross slide are loose nothing will cut cleanly.