A cutting tool (21) for, e.g., dressing electrode tips includes a toolholder (23) having an opening (25) extending through the toolholder from a top (27) of the toolholder to a bottom (29) of the toolholder along a central axis (C) of the toolholder, and a plurality of insert mounting pockets disposed around the opening for mounting replaceable cutting inserts, the plurality of insert mounting pockets including a center pocket (31), a top pocket (33), and a bottom pocket (35). The tool also includes a center insert (41) removably disposed in the center pocket, a top insert (43) removably disposed in the top pocket, and a bottom insert (45) removably disposed in the bottom pocket. When a top electrode tip and a bottom electrode tip are disposed in a dressing position relative to a top and a bottom of the opening in the toolholder and the tool is rotated, the center insert and the top insert dress the top electrode tip, and the center insert and the bottom insert dress the bottom electrode tip.