There will be back lash so the aim is to work around it using the dials. Say 2mm of outward movement is needed. The tool is wound out 2mm plus backlash and plus some more and then wound back in to the correct reading. Then if there is a need to move the tool in further back lash has already been taken out.
Things are the opposite way round when boring.
0.3mm is nothing and you may find that adjustments just close up the nut and as there will still be some play you might finish up bottoming one thread with another – not a good idea. 0.3mm might concern me on a slide that used a 1mm pitch lead screw as it represents 30% play but that wouldn't make the lathe unusable, just indicate significant wear or a poorly produced item.
There is an arrangement usually called jam nuts – 2 nuts and their spacing can be adjusted. Rare and not of much use really as some play is needed for lubrication.
One aspect that is worth looking at closely is if part of the play is actually down to the handle / dial moving backwards and forwards. This is adjustable on some lathes but I have seen it "built into" some Chinese lathes.
John
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Edited By John W1 on 13/06/2015 15:21:52