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Back @Jason. So it appears using the little lever uses a different gear ratio between the lead screw and spindle than the big lever. Right? Why are there two levers? For that reason...to get a different set of speeds using the lead screw? Or is the big lever more relevant when threading.
@Florian - That was probably THE thing I'm hoping not to hear. Brand new lathe out of the box. If I have to deal with bearing play, lapping, etc....I'll probably need to bribe someone to visit me and help.
The squealing occurs after stopping the carriage and before stopping the motor.