Abstract: A precision high velocity cutting tool having indexable inserts or cutting bits includes a replaceable cutting section or insert holding nest that is made of a material that is harder and stronger than that from which it is economical to make the major cutter body. The nest is easily replaced without removing the cutter body from the drive shaft or spindle. Two holding screws retain the nest on the cutter body, one of them also securing an indexable cutter insert in cooperation with a reversible clamp. The nest facilitates the replacement of that portion of the cutter body that tends to deteriorate most rapidly and enables the replacement to be confined to the damaged area of the tool. A shaver blade is included that effects, in cooperation with the main cutting inserts of the cutting tool, smoother cutting, providing a finish approximately a planed surface.