Actually for threading I prefer Momax Cobalt lathe bits, you can grind your thread cutting bit to 60 degrees then grind down the sides so the actual cutting end of the bit is about 3/32 wide, this will allow you to get closer to your chuck, with less material hanging out, Also I would spring for a set of Hardinge C5 collets and a collet closer if they are available for your headstock. The cheap 5 piece set of indexable cutting tools are OK but I still use Cobalt for nearly everything, and I have a lot of carbide and CBN tooling. Here is a link to the sets that are pretty reasonable, they aren't Valenite or Kenametal quality, but they aren't near that price either
http://www.use-enco.com/CGI/INPDFF?PMPAGE=186&PARTPG=INLMK3&PMITEM=250-1400, Enco has some great prices, they also have some nice boring bar sets, you should also grab a Knurling tool, you'll find most of your cutting will probably require AR series tools, and look for some good parting tools, Stay with HSS ,carbide insert parting tools are real expensive.