Look up the posts from @mksj on his proximity sensor stop, it is a very good design that can be adapted to your lathe if you are using a VFD. If you are using a single phase motor, you might need some way of braking the motor to get that to stop quickly enough to be useful.
Another way would be to install an electronic leadscrew, something like this might work.
The ELS4 Electronic Lead Screw Control from Rocketronics. Cycle control for lathes ✓Free feed selection ✓No more changing change gears ✓Automatic threading ✓Tapers ✓Radii ✓Grooves ➨ Order now!
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