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Anyway sounds like the OP is in the US so unlikely to use ARC anyway, But may be worth buying the Book "Lathework for Beginners" which LSM stock as that also names the preground tools and describes their uses
This is the tool shape you seek. put in the tool holder with the point facing towards the left or facing the chuck, also it can be used the machine the undercut in the wheels, you will have to clearance the bottom of the tip so it doesn't rub on the bigger diameter. I borrowed the pic from Kim's excellent build log to show what I mean.
For basic facing, you can use different tooling and get good results, but for panning this one worked well to get the depth and the corners. But as Jason said, the shape you have there isn't very good for a facing cut. I tend to use a tangential tool for most facing operations. But I've also got a set of tools like Jo and Jason show. I believe I got mine from Grizzly, but you can get them from Little Machine Shop, Victor Tools, and probably almost any other machine tool vendor. I got a lot of my tooling from LMS and Victor when I was first starting up. McMaster is good and sometimes has better shipping, but they tend to have higher-end tooling so it's more expensive. LMS caters to the hobby machinist so has more budget-priced tooling.
One question actually, how often do you sharpen your HSS bits?
One other point that came up in your post is that of stalling the lathe, I don't know what lathe Kozo uses but suspect it is either belt or geared drive which will mean the motor is giving it's all in any one of the chosen speeds so his writings may need to take into account the modern variable speed lathes and old Sparey's book certainly won't be based on them.A combination of slower rpm and increased work diameter are both working against you on a variable speed lathe so firstly if it is a two speed minilathe make sure you shift gear into the low range. Secondly look up the cutting speed for your material and run at the top end of that speed range. Thirdly consider carbide tooling which will allow you to run the lathe approx three times faster and put the motor closer to it's sweet spot. If going the carbide route then use the polished inserts intended for aluminium on steel and iron too as being sharper they need less cutting force. A range of inserts with various corner radii will also leave you a nice fillet on the internal corner of your wheel flanges.Also when you come to regrind those tools the three with the chipbreaker groove should really only be ground on the end ( shown red)otherwise you soon loose the chip breaker. You could just touch up the other edge on a fine diamond stone
looking g at that picture of the steel is that the end off the bar that has been cropped or sheered off that is always awful to machine and hard to get a good finish .that piece should be discarded the material there is never good .the next piece that has been sawed will be the proper material and cut much better.John