Stuart –
I have fitted and do sometimes use a leadscrew-handwheel on my Myford lathe, using the adjacent corner of the bed as a pointer, but that does give the screw and half-nuts a hard life. So as a general rule, I combine the carriage feed and compound.
Cut most of the length with the saddle travel, then (assuming it is actually set parallel) lock the saddle and trim the little bit with the top-slide. Or if working on the end of bar-stock, over-cut the length slightly and face it to length.
If I am cutting a short diameter within the range of the top-slide I sometimes use that to create the first step as a guide; then the saddle for the remaining cuts very slightly short, leaving a tiny but visible witness step, then the top-slide again just to finish to size.
I don't use dogmatic approaches, but go by which I think the best option for the particular task.
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I have fitted a Machine-DRO 3-axis system to my Myford mill; but not to either the Myford or Harrison lathes. I have looked at the idea but it seems to put a lot of vulnerable bits where they ought not go, and anyway possibly get in the way.
I don't like this x,y,z nomenclature though. It makes sense on a mill, and does correspond to geometry (Y does not go "to the sky" in maths, map-reading or CAD; but is horizontal, towards the far edge or North; so should be that for a lathe cross-slide).
It's OK on the read-out itself when you are using it and accustomed to it: X long travel, Y cross-travel, Z vertical; but when writing describing machining operations, I prefer and use the proper machine terms.
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On guards, I have to confess my lathes don't have such things, other than a crude plywood tool-tray that shelters the inverter screwed to the cabinet below the headstock, on the ML7. The electricals on the Harrison are well out of the way: the motor on a frame above the headstock, the inverter and controls on the wall above the tail end. Even so, I think I ought fit guards to both machines, if not interlocked, at least controlling the swarf, and on the L5 me due to the clutch lever position. A mass of steel string grabbed by a big, fast-spinning chuck is not nice…