RC,
We can do this, kind of, in another program because the Z axis movement is slaved to an high resolution encoder for position when threading. ( hope the encoder use becomes a reality with the SS ) In fact, we stop the program from running, then turn off the motor, and then can turn the sherlines spindle by hand and remove burs etc. even allowing the crazy 0-80's or smaller to be cut just right. Now I know you can't do this with a big lathe but works kind of nice with the little lathe.
My friend called me since he had overcut a piece and just didn't know how to recut the thread without ruining it.
Of course my answer, after an hour of discusion, was to make another piece, maybe under this time!
RICH