If you are using a 48T on the Mandrel, for a 5 tpi, you need a 40T on the Leadscrew, surely?
Unless driving a 30T on the Leadscrew with a 36T on the Mandrel with the 120T as an Idler, in both cases.
For a 8 tpi two start thread, you will need to set up for 4 tpi, and cut a second thread 180 degrees away.
This will mean driving the 6 tpi Leadscrew at 1.5 times the speed of the Mandrel, so a 72T on the mandrel would be needed to drive the 48T on the Leadscrew.
Or a set up giving the same step up ratio. ( 45 : 120: 30 ? 48 : 120 : 32 ? 36 : 120 : 24? 
or whatever gears that you have that give the 1.5 :1 step up.
Howard,