A very wise precaution, that emergency stop-switch!
There is one on the controller for my Myford lathe’s 3-phase conversion, but it is hand-operated, inaccessible to a knee – and the instructions say it is for emergency use only as routine use could harm the unit. Normal stopping is with a separate red button.
I think I’d put some sort of physical limit on the maximum speed on any sort of electronic control I used for my EW lathe, so I could not accidentally or by temptation, run it too fast. No doubt that can be done by modifying the electronics itself but I’d likely need use a control-knob with mechanical rotation-stop.
Amplifying Old Mart’s point, and assuming conventional right-hand thread-cutting, the tool should be retracted from the work before returning it to the starting-point for the next cut. (For any but very shallow threads it is usual to cut threads in a series of depth increments.)
That will remove the braking effect that could encourage the chuck to unscrew. Nevertheless, running a lathe with screw-on chuck in reverse, should always be done with great care as the chuck’s own inerntia could be enough to loosen it.
To be honest I’d not worry about screw-cutting until you have gained more experience with general turning, because although it is not ever so difficult it does come with its own subtleties and peculiarities.