Hi dan,
No worries. It's pretty quiet doing this grinding procedure, just go slowly and smoothly and you'll be right.
Just get any standard HSS tool blank and it will work fine with cutting alloy, actually HSS gives a very nice finish on alloy and brass.
The parting tool that comes in the set (3mm), puts a lot of pressure on the lathe when parting, as well as a lot of wasted material.
I don't know of any books on the subject (most seem to be very pricey), really just get in and have a go, you will soon learn what works and what does'nt... if in doubt ask the question here, or send me a PM and I'll lend a hand where I can.
Another suggestion is to get on you-tube and look under lathes, cnc lathes and the like, and see the directions and methods these machines use to make cuts and perform various operations like drilling. This will give you a good idea on how to proceed.
Safety is something of great importance, so always wear goggles / safety glasses when machining, never file a part while it is turning in the lathe either, if you must do this, always use a file with a proper handle on it, the steel 'tang' of a metal file can do some serious damage if it catches and gets forced back into the palm of your hand!
Make sure you also have a few spare fuses handy, trust me, you will blow some from time to time.
Good luck with it, and let us know how you get on.
COlin