[pugs]

I made up a wood turning tool rest for my big monarch lathe that fits into the old style lantern toolpost.

For metal tooling, to make a pulley groove, they make carbide insert toolholders that look like grooving tools, but are made to cut in any direction (plunge or turn) called Multidirection turning tool. Can get inserts for them that are either square or full radius.

Or you just custom grind a HSS bit to do what you want for shaping.