With a traveling steady you can set the Z-offset for each tool. The end of the stock will be the same position from the tool, but the tools will not be the same distance from the steady.
If you need the tools to be
right up against the guide bush, then a traveling steady probably isn't what you want.
With a fixed guide bush the W-axis can set the edge (or whatever the control point is) of the tool right up against the bush. You would touch off each tool just like on a non-bushed lathe, and jog the W-axis until all the tools have the same spacing (use a dowel) from the bush. All tools would have the same Z-offset, but different W-offsets.
Tool changes would be something like:
- X move to clear the tool
- Z+ to pull stock back in to bush (if needed)
- W+ move away from bush to clear all tools
- X move to next tool
- W- to put new tool at face of bush
- Z- feeds stock out of the bush
Even if you add a Y-axis I think having a W-axis to adjust the Z-offset make sense. Unless you have that adjustment, you are limited to using the same style or series of toolholder that puts the cutting edge in (more or less) the same Z-location.
Very small variations in Z-location can be dealt with using a Z-offset for each tool, but larger variations will mean some of your tools will not be cutting right at the guide bushing - reducing the benefit of a Swiss arrangement. A W-axis would solve this - giving you much more flexibility in tool holder and tool selection.
As far as your parting tool goes, just get a different tool holder. You can get left hand or right hand, and pick from a million insert shapes that gets the tool as close to the guide bush as possible. You might even be able to flip the holder upside-down and come at the stock from the opposite side - let gravity help clear the chips. Just try to manage the holder orientation & LH/RH so you don't have to reverse the spindle during the cycle.
My suggestion would be to look for a parting tool holder that has different insert tip geometries available. Get two of the same holders and use one for parting - maybe with a 5 degree lead to reduce the 'tit' - and use the other holder for partial or full-radius grooving.
I prefer screw-clamp parting/grooving tools. The holders with inserts that just wedge-in aren't really stable for side-cutting.