Unless screwcutting, you should be using the gears to set the feed rate.
0.004" /rev will do for finishing cuts, possibly 0.016" / rev for roughing.
Most of the time you will not be making 4 tpi Leadscrews!.
The coarsest thread that I cut was 4 mm pitch, x 1.5 mm deep, and for that, i used Back Gear to keep speeds low.
Your Colchester may not have back gear, but at minimum speed, especially with VFD will probably be slow enough to cut threads without a need for lightning fast reactions, WHEN you get to that stage, which is unlikely to be for a while.
become familiar with the machine before doing anything complicated with it.
Read a few books on lathe work, for guidance, even if they deal with hobby lathes rather than an ex industrial machine like yours. The principles are the same, just that the details will be different.
Buy a set of Zeus Charts – an invaluable reference
.Ian Bradley, "The Amateurs Workshop"
L H Sparey "The Amateurs Lathe".
Harold hall – "Lathework"
Neil Wyatt "Lathework"
Later buy Tubal Cain "Model Engineers Handbook"
What you spend on books may save you wasting material, or damaging the machine, and will teach you the way to go about things.
HTH
Howard