It one tool per block -- and multiple blocks which slide onto the cylindrical post which mounts on the lathe's compound.
The screw which adjusts the height of the tool would be right only for one tool even if you had slots four four tools like a turret toolpost. So -- each holder has its own height adjusting screw, and when you change tools, each one lands at the proper height -- assuming that you set it properly when the tool was first put in the holder. (I do not remember seeing a lock nut for the height screw, but one really should be there.
Hmm ... maybe you should look at a turret toolpost. It has four slots, and can hold four tools (if all the same orientation, or three tools if one is set to bore or face because they would otherwise interfere with each other.
A turret style toolpost is fairly easy to make. Square up a block of steel, mill four slots at the right height so the cutting edge of the tool can be raised to the right height with only a few shims. Drill three holes from the top for screws to lock the tools into the slots, and drill a larger central hole about which the post pivots when the locking nut is loosened.
Hmm ... what I would suggest is that you get a three-jaw chuck with two-piece jaws, then pick up a set of soft jaws to fit in place of the hardened top jaws.
Tighten it onto perhaps a 1/2" diameter bar, and turn the jaws leaving a projection a little thinner than the workpiece is to be near the outside end for the smallest plate which you wish to face. Then you can accommodate several larger sizes with the same set of top jaws just by opening the chuck more. (Needless to say, the 1/2" diameter bar does not remain in the chuck while you are using it -- it is only to set the position of the jaws while you bore and face them.
Central holding will be better (once you have the center hole bored), but it will be difficult to face right up to the chuck jaws. Maybe a second set of soft jaws, turned to have a step to hold from the inside instead. This way, the rest of the jaw's surface supports the workpiece, so it is less likely to ring like a bell while you are turning.
Magnets are used to hold workpieces which are being ground, but don't have enough grip to handle workpieces which are being turned. The forces are a lot higher.
:-)
Enjoy, DoN.