I am not 100% sure, but spindle speed should be set between motor and spindle. Feed is determined between spindle and feedscrew. I think it would work ok. Not sure how fast you can switch though. Does the spindle need to be stopped to change speeds (mine does) ? I think that would limit the practical usability to cutting long threads.A VFD would be a good way to speed up the return. My lathe is a gear head so I wan't sure if changing speed would lose the indexing between the spindle and the lead screw.
Peter