Gav,
In your OP, you mentioned waiting for a 'green wheel' - I guess you have some lathe tools with brazed on tips that you want to sharpen.
Others may slay me for blasphemy, but personally, I'd say junk them. You should be able to do most of your work with run of the mill square section HSS ground to shape. Cheap, and very tough (even the chinese stuff).
If you *really* need carbide, get a couple of replaceable tipped tools from Ebay. Tips run at about a quid a piece, and usually have 3 or 4 cutting edges.
Nice lathe - I have an M400, the series that came after that. Love it.
Ian