Retracting tool holder

Works fine. It is a bit different if one is used to retracting the top slide like I am. Once I tried a few practice runs, it does make threading simpler as now just flip the lever back as you release the half nuts and reset the carriage, flip the lever forward and feed in if required, engage the half nuts.
 
There are various types of retractable threading tools.

One advantage of the retractable tool is you never have to release the half nuts. Some lathes don't even have half nuts to release. Just retract, reverse direction to move the cross back, turn in on the cross slide, put back the retract and take another cut. So don't need to look at the threading dial (If you have one to look at), never being off the mark because you never let go the lead screw.
 
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