FWIW, I have my ELS setup with a limit switch on a longitudinal hard stop for feed only, it's just an auto stop feature for turning to a shoulder.
This method will not work for threading because of lost sync issues as others have already mentioned but I always thread away from the chuck with a LH threading tool upside down and with the motor in reverse (for most threading ops).
I have a "Stepper Online Hybrid Stepper Motor/Driver Combo", I wound up running the enable function of the driver through the limit switch, mine will stop the feed shaft when the limit switch is closed and it does that instantly, the stepper motor will start again when I move the carriage away from the limit switch but I found that there is a slight delay from the time the limit switch is opened and when the motor starts again, I believe the delay is just over 1 second but that has never been an issue for me.
The speed and direction always stays the same on restart, I've never experienced restart in reverse or at a different speed and I've never had to cycle the power or reset it in any way.
I contacted Online Stepper and they said that their drivers are configured to do what I described above and the delay on enable is there to prevent the motor from losing steps, it's an internal calculation and ramp up thing (I think that's what it is anyway), at any rate it acts like a new start cycle has just been initiated.
I'm not sure if other brands of drivers are configured that way or not.
BTW, I simply picked up a 5vdc source on the control board and fed that through the limit switch to the enable terminal on the driver, I added a toggle switch to that circuit so I could disable the limit switch for times when I do not want the lead screw to stop automatically, I tend to use the longitudinal hard stop to set the start of new threads (when threading using the reverse method).
Even though this does not work for threading, it sure saves me a lot of time for general turning to a shoulder and it even reduces personal stress that comes from making sure I disengage the auto feed lever in time, it even helps me with accuracy.
Note: I have my driver configured so that 0vdc (low) enables the driver while a 5vdc (high) disables the driver, if there is no wire or voltage signal, the driver is enabled. I left the direction terminal as is from the control board.
Everyone develops their own style and this added feature is just what works well for me
Just my two cents worth!!
Good luck!
Joe