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Yes, but not using the markings on the dials. I always use a dial indicator to position the cutter. The system I worked out is to put a piece of metal in the collet, it does not have to be the part at this stage, and take a cut. Then I measure the diameter of the piece I just cut. Next, I divide the measurement by two and using the dial indicator, crank the cutter in by that amount. This puts the cutter at zero so I zero in the dial indicator. This then becomes a reference for all of the other cuts on the Y axis. The same thing can be done on a larger lathe with a digital readout but dial indicators accomplish the same thing on a smaller scale. For me this is a more consistant and manageable system than I was able to achieve with a graver. I admire what you and Bob are able to acomplish using a graver but my method is more in line with my thought process and it works better for me. I am not opposed to using gravers and feel that they certainly have their place but I do things in a different way.
In the 1970s I served out an apprenticeship in a machine shop. At this time machine work was in a transitional period from the old school tool and diemakers who worked by feel and would polish and grind stuff in, and the new way which was to look at parts as mathematical models. I always admired what those people could do with a die grinder and blueing but they could never make two parts that were the same. As customers became more sophisticated their methods were no longer acceptable and many of them retired out kicking and screaming. In any case there is room for both schools of thought.