I assume that the 8x12 came with the typical 4 way tool post. You really can't mount 4 tools in this without 3 of them getting in your way. You also need to adjust the height of the tool using shims. Once adjusted they are fine, but changing tools is slow and a little tedious. A QCTP will allow you to mount multiple tools in multiple holders and switch between them in seconds. Also, you just release the clamp and adjust a nut to set the height and lock it in place once it is adjusted. Then you can switch between turning, facing and boring quickly and easily. There are several threads on this forum about where to find good prices on them. Probably an AXA size for that lathe, but that is only a guess, since I don't own that type of lathe. Personally, I believe they are a good investment and I beleive you would be glad you made the investment.
On the 4 jaw chuck - can you post a photo or two of the four jaw? Maybe someone can give you some ideas on adapting it. Does your lathe use a flat faced spindle to mount he chuck, similar to the 7x10?