Yes, although tools for machinist's lathes are usually carbide-tipped rather than solid carbide. But the reach on a tool like that isn't as much as the long hand-held tools you use on a manual wood lathe; typically they're only about 3" long or less. For making spindles, that might be enough, but bowls would probably need longer tooling. You might consider getting a CNC router with a 4th axis attachment instead; this would also give you the ability to make other kinds of shapes that aren't round.