There is one other way I know how to cut metric threads on a lathe with a inch lead screw. You can thread up to your point to where you end your thread. disengage your half nuts back out your cross slide shut the lathe off. then put your lathe in revers tell the number on your threading dial is lined back up with the number again. engage your half nuts back the carriage to the start of your thread and have at it.
Would it be possible to just open up the action enough to thread it to a 16 or 18 TPI thread?