An interesting coincidence as I was watching Quinn (BlondieHacks) for an unconventional threading technique and then happen across this entry. It seems her machine, make unknown but Chinese, uses a 64 tooth gear in the train for metric conversion. With appropriate gearing, I suppose a 32 tooth would give the same results.
Accept up front, the conversion factor is 1.27, the smallest whole number is 127, a prime number. It cannot be reduced any further. Supposedly, 1.28, or 128 gives close enough for a dozen or so pitches. 128 divided by 2 is 64, by 2 again is 32. This gives not quite true metric conversion but is apparently close enough for fasteners.
It would be up to the individual whether or not 1.28 was close enough to be usable. I have two lathes. One has a 127/120 gear set, the other has a home made plastic 127 tooth conversion gear. The matter doesn't concern me but I don't use my lathe as a machinist would. When I have any work that has to be that precise, I use the Taiwanese machine which has true metric conversion. But it is a detail to be kept in the deep, dark recesses of my memory. Useful to someone some day.
EDIT : the Atlas (and Craftsman) lathes use a 52 and 44 pair, which gives a conversion factor of 1.181818 ad infinitum.
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