1. you need a grinder. no tool will be sharp when purchased. If
sharpened for you, it will be dull within 5 minutes of turning so it is
of no value. You can sharpen by hand with a stone but it is very slow
and frustrating. You can hone to restore an edge 2 or 3 times but then
it's back to the grinder. A used grinder can be had for $5 to $25, you
can make a sharpening jig for free
2. You can turn a whole bowl with a single tool, a bowl gouge with swept
back wings - I do it frequently. If I had only enough money for one
tool and a grinder, I'd get a 1/2 inch bowl gouge and grind it with
Raffan style swept back wings. If I could afford a second tool, I'd get
a parting tool. If I could afford a third tool, I'd buy sandpaper. I'd
make a Jerry Glaser style sharpening jig - a 2X2 about 4 ft long with an
an adjustable bracket on the end to hold the tool, and a point that you
stick on the floor - if that costs you a dollar to make, you aren't
scrounging very well.
3. don't waste your time on the thread-loc - just grab an old branch or
a broom stick and make handles - if the shape is uncomfortable, break it
off and make a new one. You can use scraps of copper pipe or EMT for
ferrules, or you can wrap the end with turns of bailing wire to make a
ferrule.