Hi Chris and Woody,
The limitations are not that important really, as we are not manufacturing hundreds of identical parts at piece rate! the only real problem and it can be got round, is turning to a fine finish. The usual way to get this is high speed, fine traverse feed and a light cut. All you need to do is work within the limitations of the machine, and you will get approximately the same finish, but it will take marginally longer! When running a machine faster than its design speed, you have to consider that these lathes have plain bearings, which would need greatly increased lubrication, maybe in the form of a drip oiler, and also the condition and weight of the chucks and faceplates. My faceplate has so many blowholes in the casting that I don't even think I would risk it at 335rpm! The forces on a lump of poorly balanced cast iron at 335 rpm are considerable. Therew are stories of overspeeded chucks bursting with centrifugal force, whilst I have no experience of this, I would not wish to be in the same building when it happened! These lathes were used during wartime, and I am sure they managed to produce components adequate for the very demanding tasks required. Don't worry about it untill it becomes a problem, and if it does, you can always step across the workshop to a different lathe
Part of the fun of engineering is thinking of inventive ways round the problems we are faced with!