Speed is way too fast, the wrong tool is in the tool post for that operation, and put a little more rake in the cutter. The carbide is fine. If you try to use HSS, the cast will dull it as it's as bad as a grinding wheel. What a lot of guys on here don't understand is that you don't need to consult a book to figure out surface speed and spindle speed, and any other speeds they can come up with because 1/2 the time it doesn't work anyway unless you're running a CNC machine, or all the little duckies are lining up in a row. Everybody wants that micro finish, because they think that's the only thing that's key in machining. If you drop the RPM and increase your cutting feed, you'll end up doing the same job, in the same amount of time, and with as good or a better finish, AND save your cutting tools for another job the next time you need them. You don't have to run that lathe on the spindle speed, there's a thing on it called back gear, and it's there for a reason. Give it a shot, drop that puppy into back gear and crank up that feed rate, and don't be scared. For every 100 RPM that that cutting tool is rubbing against the metal, you can be cutting metal 99 of those RPM's by moving that little lever on the gearbox to the next slot. As for the cast getting all over the place, use your safety glasses, better yet a shield, and a get face mask for your nose and throat, because your going to get it all over, and in you. That's what cast metals do.