I have found that a properly shaped and sharpened HSS bit will keep up with a carbide bit and even provide a smoother finish on your material. The key to getting the HSS to work so well is the way you grind the tool in the beginning. Make sure their is relief below the edge to allow just the tip to make contact with the work. If the relief is inadequate it will drag the face of the tool on the material and result in the bit tearing off little bits instead of slicing off a chip. The top of the bit also needs a little bit of relief to help lift the chip and eject it from the cut. Some fellows will also make a notch that the chip will push into and break so they don't get the long stringy slivers all wrapped in the machine and tool. The sides of the tool should also have a slight amout of relief so that if you are cutting up to a shoulder or an edge the bit will not drag on the material either. The angles on the sides of the bit are not really important as long as they are actually there. The top, and front are the two most important angles and once you have formed the tool to your needs you should use a diamond hone to dress those edges so that the are nice and sharp. You should also remember to hit the tool an occasional few licks with the hone so that it doesn't get extremely dull before you stop to sharpen it again. If you keep the hone handy you can hit it a few licks without taking it out of the holder and go right back to work. Interupted cuts such as turning a square block into a round rod is very hard on tooling and is extremely hard on carbide since it is as brittle as glass and will chip and break at the slightest hint of an interrupted cut. Tubal Cain (MrPete222) on you Tube has some wooden demo bits he sells that will help you understand the different angles used and how to grind them into your blanks effectively the first time. Good luck and don't give up, sometimes it just takes a while to get the hang of it and once you do it will become rather easy to do,
Bob