It would probably work fairly well. Particularly with the low range for threading. But really modern lathes (except for the giant stuff) should only come with perhaps a 2 or 3 speed gearbox. You can go on eBay/Amazon/whatever and pick up a VFD for a couple hundred bucks. Then you have infinitely variable speeds with gobs of down low torque. I have an older lathe that I just leave it in some intermediate speed and vary the VFD frequency. I'll go 6 months without ever touching the gearbox. If you don't have one you should look into it. If you do a lot of work on a lathe it will change your life. It'll run off of regular single phase power, but you need to have a 3 phase motor installed.

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