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Is it worth going from 12mm to 16mm tooling on a myford ml7?
Yes, if you can make the tooling work for you. It's all about mass, the more mass you have in the tooling and toolholders the better the finish and closer to tolerance.
Friend of mine has a Myford and has more toolholders than I do, he has about thirty cutters with twelve millimetre shanks or less and about thirty with 16mm shanks. He uses the bigger stuff more often and it is also used on his bigger lathe. He swaps toolposts and has one for the Myford that replaces the top slide.