Thanks to everyone for your replies.
If I’ve understood things correctly, when using a full form insert that is, say, 20 TPI, you could theoretically start out with 5/16” round stock and produce 1/4”x20 threaded bar from it because the crest-cutting feature of the insert would keep reducing the diameter until you decide to stop. Not that you’d really want to do things that way.
Julie’s post, among others, has persuaded me to want to at least try full form inserts. It’s really the bigger stuff I want to do single point treading for, so I probably wouldn’t need to buy too many inserts.
It looks like the 11ER partial insert I’ve currently got may only cut up to 1.5mm or perhaps 1.75mm pitch, so if I want to cut bigger pitches I will have to get 16ER inserts and a new holder. I’ve yet to see a holder for 16ER inserts that is as small as the 10mm square one I’ve got, so maybe I’ll need to size up to a 12mm one.