There are numerous ways of making your own tools very cheaply and very effective.
I have been doing it for some time and with great success. If you look around there a lot of stuff being chucked out that can be re-used for wood turning. ie
Tungsten carbide tip tools are regularly used by machine shops all over the country. When these tip get damaged ie cutting edge is blunt. They are replaced as they deemed throw aways.
They can silvered soldered onto regular steel and re sharpened. You will need to buy a green grinding wheel. This is the only one suitable for sharpening TCT.
While your chatting to your local machine shop guy, ask him for any broken taps, end mills and slot drills. They all made from HSS and make darn good hollowing tools. [See Oland tools on Google]
While your there ask him is has a Cold Cutoff Saw. These have a circular saw blade made from HSS. Occasionally they break/crack etc and cannot be fixed. But you can cut em up to make good scraper blades.
Your regular steel will not do very well as a turning tool as it is too soft and too hard for the average guy to improve its hardness.
Look around for ''Tool steel'' as this can be hardened and tempered.
Using files is OK as long as you remember they are hard fully along their total length and therefore very brittle. So to use them you must keep the over hang to an absolute minimum
..other wise they may snap and shatter.........
can frightening stuff
You can soften them by heating them up to cherry red and let them cool down slowly.[several hours] When cold shape the end as you like it. Then reheat to cherry red again and rapidly cool it off in a couple of gallons of oil. You can get away with used sump oil. The heated end should now be very hard again, give a lick up on the grinder and away you go.