Here is a little image depicting the various types of lathe tool bits, and their model numbers.
I agree, I make my own tool bits, and tool holders to suit the situations for the parts I'm making. Not all tooling is the same, as different materials require different tool geometry. You need to learn the difference between Positive, Negative, and Neutral Rake. As crystalline materials like brass & bronze require a positive rake, where copper & soft aluminum use a negative rake.
Tools with a sharp point will leave a rough finish, and a slight radius will improve the finish and allow for faster federates. THere are several books available such as Machine Tool Technology ISBN 0-02-671570-8 that cover lathe tool geometry in great detail!
Widgit
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