A lathe tool assembly includes a pair of set screws that reduce vibration of a work piece that is being machined. A clamp set screw passes through a clamping assembly to a chip breaker that covers a cutting bit. The end of the clamp set screw bears against the chip breaker. A lateral motion inhibitor screw engages threads within a hole within a cutting bit holder and threads within a hole through the cutting bit.
A cutting tool for use with a lathe includes an elongated body member having a generally rectangular cross section dimensioned and configured for cooperation with an associated tool post. The elongated body member has a head end having a step shaped surface thereon on which is disposed a plurality of generally radially extending ribs disposed at equal angular increments. The ribs extend through an arc of 360 degrees. A first head assembly has a lower extremity which includes a surface having a plurality of generally radially extending ribs disposed at equal angular increments thereabout. These ribs are uniformly spaced and dimensioned and configured for cooperation with the ribs of the body portion. The ribs of the head assembly and the body portion have the same angular spacing therebetween. The head assembly includes discrete means for holding a cutter insert and means for holding the head assembly on the body portion.