Wow, Erik, be careful! That big 16" lathe would not be forgiving if it caught you up. The belts wouldn't slip to save you, it'd just keep turning. Can we agree no more turning tin foil tubes? If that ragged end were to slip off the live center under power, it'd be like a lawnmower blade swinging at you. Thats an entirely different hazard than getting caught in the machine. Were you still at 1000 RPM when that happened?
Relying on manly reaction time won't save you. Maybe you can see, perceive, process, respond, and react in a half second if you're focused, more if you're not. In a half second, your chuck makes 8 turns at 1000 RPM. Assuming no flesh slippage and a 12" chuck, that's 24 linear feet off inhauling potential before you even get to think to jerk your hand away.