Andrew,
The leadscrews on a lathe are always cutting a thread, maybe not of recognised size pitch etc., but a thread none the less. The idea is to overcome this by:-
1. Using the change gears to make this thread as fine as possible.
2. Grinding your tool so that the cutting surface is greater in size than the pitch of whatever thread your change wheels are set at, meaning it removes the ridges and leaves a smooth surface.
Sometimes it is possible to have a heavy rate of feed, (leadscrew advance), combined with a wide cutting face on the tool and a very light depth of cut and still have a good finish. It is a technique I was taught when machining steel pump shafts. The time saved was astronomical with these 6ft long x 2" dia. shafts.
There are some well proven relationships between speed in ft/min of rotation and speed in feet/min of leadscrew advance and depth of cut, for most of the common metals such as iron, steel, brass, bronze, copper and aluminium which should, if all else is OK, give a reasonable finish to the surface being machined. Most of these figures are for commercial rigid machine tools, for our hobby machines 9 times out of 10, IMHO halving these figures will give reasonable results.
The other important thing is lubrication and cooling which again depends on the metal being machined.
Hope this helps
Best Regards
Bob