Hi, I haven't turned 304 but have turned 316L which is harder. Use only carbide inserts for turning, HHS ground tools can be used but are unforgiving, Flood with coolant, lots and lots. Don't dwell at all otherwise it hardens, so keep moving, your looking for blue chips when you've got the right speed. As for threading, carbide inserts again, set the compound at 29.5 degrees and use that to move in, don't use the cross slide. It's so it cuts the majority of the metal on one size of the tip, longer tool life and better finish. Shallow cuts, lots of oil and slow spindle speed.
Plus all of this depends on what size the shaft it, I turn everything at about 600rpm up to 100mm and it all seems good. I've found the slower you go the better finish and the longer the tips last, but it depends if your in a hurry or not. I'm assuming manual lathe or CNC?