Thanks for all the pro tips.
I'm not sure I'll get a chance to do anything on the lathe today. But I'll follow up with some photos when I do.
Tim
Sorry, Tim. Threw a lot at you. Let me try to make it really simple because it is really simple. Look at this thread; it has the features you should be trying to incorporate.
The red line is pointing to a 30 degree chamfer that allows the threading tool to start smoothly. The blue line is a thread relief that is ~0.005" deeper than the minor diameter and about 2-3 threads wide. This allows a run off area for your tool at the end of the thread; it also gives a clean termination to the thread and gives you space to disengage your half nuts.
You cannot see it but this is a Class 3A thread so the Major Diameter and pitch diameters are precise within a few ten thousandths of an inch. Other than cleaning with a brush and a burst of air, this is as the thread came off the lathe.
All the vital cutting info you need to cut just about any Imperial thread is contained within the attached table. You will see that the major diameter is listed for each thread as a range; you have to turn your work piece within this range to get the thread fit you want (class 2a or 3a). Also note that there is a pitch diameter range; you must cut your threads until your thread wires or thread mic says you've cut deep enough for the class of thread you need.
So, you would mount a work piece in the lathe, face it, center drill it and mount a live center for support. Then turn the OD until it is within the major diameter range for the thread you want to cut. Then cut down the end of the work to a 30-45 deg taper about 1/2 a thread wide. Use your parting tool to cut the thread relief about 0.005" deeper than the minor diameter and make this relief cut wide enough to span 2-3 threads. Adding a thread relief will not weaken the work piece significantly.
Now that your work piece is prepped, double check to be sure your tool is perpendicular to the work and that the cutting tip is on center height.
Go slow. I would go at the slowest speed your lathe can run at for the first few tries, then speed it up as you get more comfortable. Again, this is not a race; it's learning. Don't forget to do a 0.001" deep initial scratch pass to confirm your thread pattern and don't forget cutting oil as you make your threads. Given that this is a low speed/high pressure situation, sulfur-bearing oil with EP additives works well for threading.
You can use a standard nut to check for fits as you learn, and for a lot of the work you'll do in your shop, but eventually you want to be able to cut threads to spec. For that, you need this table and you need either thread wires or a thread micrometer to calculate or read pitch diameters.
This should get you started. Sing out if you get hung up.