I wonder if you would indulge me by telling me what kind of cuts your lathe can take. How deep can you rough and how fine a cut is your lathe capable of making with your current tooling?
I'll give you a ferinstance. My Sherline lathe (35# soaking wet with a 0.08HP motor), using HSS tools, can take a 0.050-0.060" deep roughing cut in mild steel (0.100-0.120" off the diameter) and a 0.100" deep cut in aluminum (0.200" off the diameter). In both kinds of material, it will directly cut 0.0001 - 0.0002" in a finishing cut.