Depth of cut on its own is somewhat irrelevant, without a discussion of feedrate and spindle speed. At its most basic, metal removal rate is roughly proportional to power at the spindle (not necessarily the same thing as the motor placard). More power equals a faster removal rate. A rough rule of thumb is that 1 horsepower will remove 1 cubic inch per minute in low carbon steel.
How that rate is achieved by juggling speed, doc and feedrate is another matter. It will depend on the rigidity of the workpiece, the rigidity of the lathe and the type of tooling used among other things.
Andrew