This isn't my favorite tool because inserts are so hard to find. The finish isn't spectacular either because 200 rpm with coated carbide just doesn't cut it. I couldn't run a steady on the barrel without a collar, so I decided just to take it slow on the RPM and run a secondary clean up pass with 0 DOC. It worked out pretty well, although not as nice as high rpm (600+) with a decent DOC. I had to use this profiling tool because of the live center, my "favorite" cutter cant get in to the muzzle side with the center in it.
Although I'll probably exiled from the forum here, I would recommend Shars tool holders (their bits suck). For me anyways, I have always had great luck with them. They are cheap, dependable, rock solid and seem to be ground to all of the correct angles best I can tell.
As far as recommendations, the best I can do is give you a do-it-all insert since I don't know what kind of stock you are cutting or what kind of power your machine has. I would take a look at CNMG inserts, you get 4 cutting surfaces (2 top / 2 bottom) and you can get a 5 degree side relief angle holder that will allow you to face and turn with the same tool without changing your tool angle (90 - 80 / 2 = 5 degree side relief). Most importantly, I would look carefully at coating ratings, you can easily spend weeks sifting through different manufacturers information, only to still be confused. Honestly, I have found that for our little machines (4003G class), un-coated or a low SFM coating like Valenites VC101 work wonderfully. I get really great surface finish with CNMT331 VC101 held with a MCLN R-08-3B (
shars.com - 12quot RH MCLN TriLock Tool Holder) on my manual machine. Understand that this holder is designed for 321 inserts and I am running 331 inserts, just set your 0 on center and don't worry that it looks funny, it still cuts great for CM and stainless steel.
Here is a great carbide insert chart:
http://home.comcast.net/~david.johnson11/KBC2.jpg
Feel free to PM me if you want some help or want a good deal on some inserts (I picked up quite a few on Ebay last year because they worked so well for me).
Side note, I'm by no means a carbide expert, you should speak with someone from the CNC side of the world who has a clue what they are talking about if you want real answers =)