Only if the lathe is set up for coolant. the lathe we had at the gunsmith i worked at the lathe wasn't set up for it. and without coolant HSS is not much good. Carbide is much more forgiving without coolant.
Y'see, that there is where our respective experiences vary a lot.
I have had very nice results with HSS without coolant, on several different materials. Carbide too. Depends on the cut conditions, and the material. And the operator.
Coolant makes getting good finishes easier, in a general sense of speaking, though, and I recommend it's use to anyone if it is an option. For both carbide and HSS.
Even brushing a little bit on with a paintbrush can make a huge difference.
Some carbide does not withstand the heat-cold shock cycle of splash coolant very well, working better in a flood. But some does OK with it. Gotta pick and choose the stuff that works.
Sharp edges are generally better on lighter duty lathes, for most materials.
Yadayadayada...

Gotta speak in generalities. About the main thing a fella's gotta keep in mind is that you gotta be willing to experiment a bit, and try to remember the things that work on your own machine, under the conditions you are cutting at. It varies. A lot. There are no magic speeds and feeds that give good results at all times.
Try to keep in mind that the ones in books like Machinery's Handbook, are designed to make a shop owner the best return on his time and money investment (wages, overhead, invested $$$in tooling and equipment), they are not absolutes. Slow is OK for a lot of one-of jobs!
Running slower, thinking harder, and doing it right the one try you get, is better than wrecking parts really really fast. Most jobs are a lot of careful set-up, followed by some cross checking, then a very quick bit of cutting. Guys that are working repeat, production type work, are under different pressures than the guy that has to get a couple holes drilled and tapped in miserable material or in a high value firearm, or to make a couple screws that cannot be got otherwise.
Cheers
Trev