How about this: make a small boring bar by drilling a hole to hold an 1/8" square HSS cutter. Drill & tap a hole for the set screw into the end of the bar. Grind the HSS to a 60* form, lock in bar with set screw. Do the form grind before cutting the bit free so you have something to hang on to. You can grind another piece of HSS to use for a start groove. Run the lathe so you can cut from the inside toward the outside. For an internal thread the bar is mounted parallel to the ways. Doesn't matter what angle the compound is at since it isn't used, just lock it. It might be worth making a good rest for your bench grinder. If the grinder is mounted to your bench you can make a rest that bolts to the bench top rather than to the grinder. Make it adjustable in all directions/tilt and put a slot for a tool holder to slide in.