Really? Nobody out there cuts threads?
Anyhow, I can probably answer my own question. As mentioned on another post, I decided to CNC retrofit my Smithy 1720 including an upgrade to C7 anti-backlash ball screws instead of purchasing a new Patriot. The project is basically complete. I am using basically the same camtronics cnc electronics as on the Patriot. My guess it that the lathe now functions pretty similar to the Patriot w/ball screws. So to answer my own question...I bet you can cut threads pretty well.
I've attached a photo of my first threading attempt using a hunk of some old 3/4" concrete stake and a hastily ground HSS 60º toolbit. I tried to duplicate a wheel lug thread, in this case it's soemthing like 1/2"-23 as I recall. I programmed about 6 cutting passes and a few spring cuts. I have to say I was surprised and impressed by how good the fit was. I'm sold on CNC machining.