The book I mentioned above confirms that using HSS and grinding your own tools is ultimately the best way to do things and explains how to do the grinding process However, if you are a beginner it does add another layer of complexity to the learning process and pre supposes that you will invest in a bench grinder and I don't have room for one of those in my small workshop.
Also, my lathe is something of an indulgence and is likely to be used for model making rather than model engineering so I don't expect to use it intensively up to its full capabilities. I doubt if I will be doing any turning in steel, just brass, aluminium and plastic and maybe a bit of wood too. Having asked advice from knowledgeable friends who understand where I am coming from I decided to start off with the indexable tools and see how things develop.
Colin