First facing cut - carbide insert - 5/8" brass round

The compound shouldn't be moving at all. You can go ahead and tighten the gibs up enough to lock the compound so it can't move.
For facing you only need the saddle and the cross slide.
If it helps you can set the compound 90 degrees from the saddle so that the compound lead screw is parallel with the ways of the bed.
I keep the compound on my lathe snugged up tight for most operations. I only use it for threading and cutting tapers. The rule of thumb is to lock down any moving parts you don't need for that operation, it helps with over all rigidity. Keep parts that need to slide just loose enough to move without forcing.
 
Ok, now I have awesome tooling thanks to members here. This is my first facing cut with HSS. I think I have something yet to dial in because it looks rough. This was a very light pass at high speed.
 

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Ok, now I have awesome tooling thanks to members here. This is my first facing cut with HSS. I think I have something yet to dial in because it looks rough. This was a very light pass at high speed.
I cant tell for sure but I think you need to rotate the tool in the holder. Look at this picture:
1684774710167.png
Notice how the forward most part (the point) of the bit is doing the work? With your set up, the bit will be constantly trying to climb out of the material giving you that rough finish you are seeing now.
 
Yes, its backwards per the last picture. That one appears to be installed incorrectly or it is ground for the wrong direction (right hand vs left hand). The leading point must touch the work piece first like in the photo I sent you.
 
It appears to me that there is a radius on the top face of the tool which it should not have, if this is true, it appears to me that the tool was ground for cutting from left to right. a tool for cutting either direction and facing would have clearance on the front, sides and no rake on top and would have a small radius on the point. My favorite brass tool would have a pointed contour viewed from the top with a approx 30 degree included angle with a smallish radius at the point, and have clearance on the front and both sides; it can cut in any direction, including right and left hand and plungine straight or angleing inwards.
 
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