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Default Lathe tool post question

On my recently acquired Reed & Prentice lathe is an old style tool holder
(lamp post style??) which really sucks.

But the alternative, get a modern stable setup, is a bewildering task. There
are many styles and a large swing in prices.
My lathe is a 12" and I could spend anywhere from about $100+ (Enco, piston
style) to a small fortune for a KDK holder and what I really need to get is
an education in the differences.

Can anybody here help me with this??

Regards Uwe

PS. I do not do production work, rather slow poke experimental tasks.