In many ways, your lathe will tell you if you are cutting at a greater DOC, depth of cut, than it is currently capable of. Adjusting your lathe, tightening your gibs and things like that may extend it's capabilities, but in the end you will be limited by your lathe. Start out with light cuts and slow feeds, and some cheap stock, like aluminum, and experiment some. If you take small steps, your lathe will communicate with you. If you take bigger steps, your lathe may make a lot of noise, or chatter, or worse. This is not to scare you, but to encourage you to experiment some. Use some mechanical empathy - don't abuse your machine - but try stuff. It may be more, or less capable than you think. Only one way to find out. Be safe, don't do stupid stuff, but do stretch your legs and make chips. It won't take long for you to find the limits of your "platform". Then try to stay under them, or make additional adjustments as required.
Keep your tool on the exact center, and start cutting!