It won’t give a 1:1 ratio but I’d start the calculations by using a simple binary ratio gearbox setting such as 16 or 32TPI, as those are half and quarter the leadscrew pitch.
The secret seems in changing the 12 or 24T primary pinion after the reverse tumbler, so the drive ratio is altered by (12 or 24) / New.
For example, if the gearbox could be set to 1:1 overall with a 12T pinion, to give 8tpi; the cut pitch would = 0.125″ = 3.175mm. Rather cruel to the lathe of course. Use the 24T wheel and set the gearbox to 16TPI gives the same result- a point that baffled me for a while until I studied both machine and handbook more carefully.
So swapping that primary wheel and applying its ratio with the substitute, we now need determine what substitute tooth-count to use in place of the 24 or 12 tooth wheels, for a given gearbox setting.
I have just spent some time trying to do that but it pushes my numeracy to the limit and I do not believe my answers. Luckily others have already done these calculations and published them!
It’s something I would like to know too, as the Myford literature seems to advise it needs a special banjo; which of course Myford no longer stocks now that more users of these elderly lathes are using metric screws more often.
The thread Bazyle suggests is for a Myford Super 7, and there may be important detail differences between that, your ML7 with Type II gearbox, and mine with Type 1. For a start, the gear-studs on my lathe’s banjo are on fixed centres so any other than 12 and 24T pinions may not be possible. I don’t know if the original, fully-slotted banjo could be used instead, but it would be a faff.
I asked in a different way a couple of weeks ago, and the upshot of a lengthy thread (!) was keep the gearbox now I’ve fitted it, and use dies for the metric threads I’m ever likely to cut. Useful if most of your threads are inch-based as mine are, and the intended mm threads all small diameter; not so useful if needing screw-cut the metric ones.