I have a similar tool set and if the inserts are TCMT21.5
1, then the radius is 1 or 1/64" ,I am learning about inserts myself but for what it's worth I think this 1/64 is the ideal radius for a small lathe.,another bit of info is ,read the back of your insert package, if says P), M, K, it means it is designed to cut P=Mild steel, M=stainless steel and K=non ferrous/aluminum .
Here is the best explanation posted by our very own
[B]swatson144[/B],,
https://www.hobby-machinist.com/threads/inserts-and-cheap-chinese-holders.6302/.
TCMT21.51 1st position is the shape. This cannot change round peg triangular hole.
TCMT2.51 Insert clearance angle C=7° This can be changed depending on what your material needs**** add more later.
TCMT21.51 3rd position is tolerance class. M is pretty low. If you see anything else in this position (unlikely) except U or N it would be an improvement with no real effect.
TCMT21.51 Insert features.T, with hole, one countersink, and chip groove on one rake face. Pretty much can't change this and still get the larger screw to fit.
TCMT21.51 Size in qty of 1/8" 2 in this case because the inscribed circle of the 3/8" holders in our example is 1/4" can't change or the insert will be too big/small for the holders.
TCMT21.51 Thickness in qty of 1/16" x 1.5 or 3/32" changing by .5 +- probably would not make much difference except adjusting the height at the tool post.may be no decimal
TCMT21.51 Corner Radius in qty of 1/64" can (should) be changed. 1 = 1/64" which is pointy. changing to something rounder can offer an improvement in surface finish.