Hi Will,
Q. sounds like the best tools to order would be 8mm square shank and shim them up 3/8” does this sound correct??
A. That will work. The important requirement is to get the cutting point of the tool on the centre line of the spinning job. If the cutting edge is too high, even slightly, it will rub rather than cut – disaster. The cutting edge is more tolerant of being, but too low makes dig-ins likely. Biggest tool that will sit on the centre line is good because they are more rigid, but it's often handy to go smaller to get into tight spaces etc. An ML7 owner should be able to confirm if a 10mm tool would fit the 3/8" holder; I suspect it will be a shade too high.
Q. Reversing?
A. I always cut threads in reverse but my lathe has a bolt-on chuck. Myford lathes feature a screw-on chuck which can undo when the lathe is run in reverse. With metric threads, the Threading Dial Indicator probably won't indicate correctly, so the easiest way of of keeping spindle and lead-screw aligned is to leave the half-nuts engaged and reverse the lathe out. However, you may find not many threads are lathe cut on your machine. Taps and dies are faster and easier for most sizes, so my lathe gets used for big threads and specials rather than standard sizes. So, unlike an NVR/Emergency Stop, a reverse switch need not be a priority. You might consider wiring the lathe in forward only as a first step: likely >95% of jobs don't require reverse. Another possibility is thread-cutting with a hand-crank in the spindle rather than under power: hand-cranking provides excellent control, it's just slow if lots of threads are needed in a hurry.
When the time comes to reverse the motor I wouldn't recommend using an original Dewhurst switch unless period chic is the goal! Plenty of alternatives: try searching for 'Motor Reversing Switch' on ebay or Amazon. Not having bought one, I can't recommend a particular model, like this example. I expect others can! (What sort of motor do you have? It may make a difference. )
Dave
Edited By SillyOldDuffer on 20/08/2020 10:29:01