I don't think that works ... but I haven't got a Myford.
Much better to keep the gear train engaged during the entire thread cutting operation, and withdraw the tool and rewind by hand between cuts, to a point comfortably beyond the start of the cut (so any backlash is taken up when you go back in), then advance the tool and cut in. Don't touch the tumbler reverse.
Forget about the threading indicator, at least to start, if not forever. Learn the cutting action first, then worry about the indicator (if you particularly want to) once you can cut threads.
I don't use a threading indicator at all, and I also often cut threads while turning the lathe by hand, I don't use the motor. That loses the smoothness of the cutting speed a bit, but it avoids collisions (!) and it is much easier to end the cuts accurately.
You can make a mark on the chuck so that each cut ends at the same place, but you should really also have a "groove" (I don't know the correct name for it) which is the same diameter as the inner diameter of the thread at each end of the thread. That's for external threads of course - when cutting anything but the largest internal threads use a tap.
Inserts can be useful here, thread cutting inserts come in two main types, ones for a particular pitch and ones that cover a range of pitches less accurately. They are a bit hard to get hold of, and can be expensive.
To begin with it's probably better to plunge cut straight in, but after a while, and especially on larger threads, it's better to cut only one side of the thread form.
You do this either by advancing the top slide between cuts by a percentage of the value you advanced the depth of the tool on the cross slide - 50% for
60 degree threads, 46% for 55 degree threads if I got the math right.Or you can set the top slide at half the thread angle (with the tool still at 90 degrees to the work) and advance only the top slide between cuts, the geometry then does the calculation for you, and you can lock the cross slide for extra rigidity.
Cutting threads is not easy at first, but persevere and you'll pick it up.
:)
Hope I didn't make any errors here ...