I use DCMT & CCMT inserts. Judging by the 12L14 pic (and its always hard the way camera pics up lighting & makes it look different than real life) I'd have to say you could do better on this grade of steel. Sometimes the larger nose radius does not correspond to better finishes. Or its 'shiny' but under magnification its a series of shiny bottomed scallops as opposed to a more continuous but 'micro-threaded' surface from a sharp nose. For the most part I use 1/32 & 1/64" radius inserts (or whatever the metric equivalent is) which feels almost fragile sharp. The finish isn't appreciable worse, but find I can creep on dimensions better. On leaded steel I leave about a thou over & hand finish. On 1018 hot/cold/crap steel more like .002" allowance. Sometimes on aluminum I call it good unless its a specific fit. I like the sharper ones on aluminum, brass & bronze. I've tried the larger nose on aluminum and it seems better than steel. But my informal test is to keep the same locked carriage setting & just change up the feed. If you can skim the tops off the hills to any appreciable amount, then its kind of indicative that there is a bit of spring left in the setup because of larger cutting force on the larger nose. On aluminum, negligible spring. On steel, more spring. Kind of makes sense & same old story - a rigid, solid setup is probably more important than insert type vs HSS vs magical cutting fluid.
Back to the drawbar, I guess its up to you to decide. For the assembly style heads you could separate the non-standard tooling shanks from their heads & get the ones that match your drawbar threads. But a drawbar is probably not that bad to make & nice to have. I'd practice the threads on short stick of similar alloy you intend to use, especially if its a change to metric threading gears. Get that down pat so you are 100% confident. You want these to be good as they engage the tooling day in day out. I'm really not sure it should be hardened. I thought about all-thread too but you just never see it, so maybe there is a strength issue? I assume the drawbars job is to just suck the tool into its taper seat & that's what is resisting torque, not the drawbar itself? Also have a look area at the base of the hex (wrench) portion. I've never looked close but seems to me its a tapered seat for centering? Maybe that varies by mill.