Ok your Z Axis has a velocity of 6, that would mean with a thread pitch of 0.031 inch the max RPM you could command would be 192. If you commanded a greater RPM then the Z axis could not physically move fast enough and thus Mach will give you that error message.
Ideally you would not want to try at 192rpm as there is a chance the spindle may be rotating slightly faster so for a safe value you would have to use about 170 or so RPM.
The best thing would be if you could increase the Velocity of the Z axis in motor tuning, that would allow you to have a greater RPM. Whether that is possible however will depend on your stepper and whether it can be set to a greater velocity without stalling.
Hood