Ideally you should aim for at least 1 D engagement, 1.5 D or 2 D would be even better.
These are usual parameters for threaded components subjected to axial loads.
In this case, going into 3 mm thick tube,,from the side, you don not seem to have much option and so must live with just less than 5/8 D. (0.118 / 0.1875) If the threads are axial, then aim for at 1 D engagement minimum.
Since it is a lubricator, in situ, it is unlikely to suffer much stress so it will probably suffice.
Don't overstress things by overtightening the locknut!.
If possible, I would try to avoid making the threads a loose fit.. In any case, a slack fit will allow leakage.
A sealant should be used, since you don't want steam or oil escaping
Howard, .