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First off, let me say that I'm pretty much a beginning turner, so take this with a grain of salt.
I bought the Easy Wood medium sized carbide tools and have turned pens and some lidded bowls as well as some spindle turning. The tools have worked just fine. One more experienced turner made the comment to me that carbide doesn't give as good a finish on the wood as high speed steel, but the solution to that is a bit more sanding. With pens, that sanding is going to be there anyway, IMO, so it doesn't matter. That might make a difference to someone who is doing some very fine or thin work, but just switch to HSS for that last few passes.
I have the Easy Wood medium sized tools.
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The carbide tools that are in the size range of the Easy Wood mid sized tools are a good choice for what you are talking about doing on that lathe.
I have the Easy Wood mid-sized and the larger size tools as well as some assorted other brands and sizes.
The mid-sized are a good compromise of giving you leverage (less battering on your hands) and controls.
You probably want to stick to wooden pen blanks as long as you are using carbide (or until you have a LOT of experience using the carbide). The plastic pen blanks are easy to chip compared to wood.
Also, unless they are marked HSS, those older Craftsman turning tools may be tool steel. Some people feel that they can get tool steel sharper than HSS, but the trade off is that bluing the tool steel on the grinder draws the temper. If you draw the temper, then you need to heat treat the tool steel before cutting with it. You can use the spark test on the grinder to tell tool steel vs HSS if your grinder still has the stone wheels.
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Medium size is fine for pens. It also allows you to turn lidded boxes or other smaller projects without much difficulty. Keep in mind that carbide tools will eventually dull and require replacement. For the circular inserts, you can loosen the mounting screw and rotate the insert to get a fresh edge. A conventional spindle gouge will leave a smoother surface if it's sharp, but sanding a pen blank is pretty quick, so it's not that much of an advantage.
Still Learning,
Allan Hill
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I buy carbide turning tools from this guy. He used to advertise on woodnet (A member).
Nice stainless steel shafts, reasonable price, good quality
https://www.ncwoodturningtools.com/
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Location: east coaster
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Pool noodles work well on my rake and broom handles