What DLMachine said!
Carbide insert tool holders for lathes are largely negative rake, so you can take advantage of double sided inserts. However, really small inserts are mostly single sided anyway. But, these negative rake inserts take more power to cut with, and likely this would require more rigidity than your machine possesses.
However, carbide inserts come in quite a variety of chip-breaker styles, this is referring to the shape pressed into the top of the insert. Some inserts have enough of a groove pressed into the top that they are actually positive rake, and this makes them more free cutting.
For your roughing cuts, it is nice to be able to use carbide inserts with a chip breaker groove. I wonder if your lathe would handle a T221P insert? This is an equilateral triangle, with a 1/4 inch inscribed circle (a circle this size will contact the three edges). Kennametal makes some mini screw on toolholders that use these inserts.
For general utility, I have always preferred the 60 degree triangle insert. It allows a certain freedom of tool approach, and yet has a small enough point radius to help reduce the incidence of chatter. Square and 80 degree rhombus shapes are stronger, but tend to chatter more.
For finish cuts though, you might as well take DLMachine's advice and grind all your own tools. I do even yet, when doing manual lathe work. I usually take a slightly worn out triangle insert, and grind a gullet hook in the top, grinding down far enough to remove the worn edge of the insert. I have a narrow rim natural diamond wheel with a 1/16 radius to do this. Buy your wife for one of these diamond wheels for your anniversary 
This gives the tool something like 25 or 30 degree positive rake, but is very delicate and only good for a max of .005 depth of cut. However, the finish is very accurate and smooth.
HSS is not to be ignored. Excellent work can be accomplished with properly ground tools, but chip control (meaning chip breaking) is difficult (nigh on to impossible).
First you get good, then you get fast. Then grouchiness sets in.
(Note: The opinions expressed in this post are my own and are not necessarily those of CNCzone and its management)