If your budget allows, I'd think you'd find, a QCTP such as an Aloris, Phase II+, or Generic, to be much more pleasant than a Lantern style tool post. QCTP's allow you to set the tool height once (unless you end up regrinding your tool). And as the name implies, they also allow you to quickly change your tooling. For me, when turning something, it allows me to concentrate on what I'm machining verse changing and realigning tooling, as I'd did when I used a Lantern style tool post.
I purchased an AXA Phase II Wedge Style with 5 holders off ebay for ~$200. Given the size of your lathe, you would probably need a BXA QCTP. Looks like the Phase II run about ~$250 for the BXA's. There are Shar's, CDCO's and other "brandless" QCTP Sets for less. There are lots of posting on H-M, with all the pro's and con's of all the brands, if you want to do any research.