A tip which might work for threading out small nuts – I have used it to drill out M2 nuts to make short spacers.
Chuck a socket that fits the hax in your 3 jaw or better a collet. Stack a row of the nuts into the hex and feed the drill into the threaded hole in the tailstock. As each nut gets drilled out it slides on to the drill. You can do as many as will fit in the socket in one go.
To thread I guess you'd drill out like this if needed, then put the nuts back in the socket and feed in the tap.