Thanks for the input everybody!
It seems that the general consensus is that lapping would be a bad idea with one possible reason being residual compound. I think a dunk in parts cleaner and a brass brush would remove that. I like the idea of addressing high spots first and going from there. Nothing wrong with going slowly and erring on the side of caution.
Even though the HF is specially imported from the Orient, I do need to address the vertical slop in the compound slide that I am unable to resolve just by gib adjustment. When it’s tightened enough to remove the play, movement of the compound is restricted.
The issue is that when cutting, vertical force applied to the tool causes the tool to tip enough to affect the depth of the cut, further exacerbated by the fact that the tool is hanging off the side of a QCTP thereby a further distance from the post . Not a lot, but enough to be visible on a polished surface. It is especially apparent when reversing the rotation direction causing the tool to tip in the other direction. I haven’t measured it yet, but maybe .001” or .0005”, something I consider a real problem that I doubt I can overcome with a more practiced technique.
I’m sure that every problem I could encounter with the little HF is well known and has been resolved, so I sure appreciate the experienced, friendly help offered here!
Good idea to apply some dye and check for high spots first. I’ll start there. Maybe try a .001” shim and see if that does it. That is easily reversible. While it sure seems the general opinion, I’m still not convinced that at least a light lapping would not be advantageous. As long as it is not lapped out of spec, how could that hurt? Of course in consideration that metal is more easily removed than replaced.
While I am a rank, noob beginner at lathe operation and technique and super appreciative of all the help and advice I can get, I do have mechanical aptitude and experience. I have rebuilt engines, transmissions, etc., hand lapped valves, honed cylinders, turned brake drums… That sort of stuff. And, with 30 years working in the IT world, I can attest that you should absolutely believe everything that you read on the Internet!