Dirk,
Take it from someone who has worked on some pretty sophisticated electronics since 1969, that speed control potentiometer was never designed to be used as an on/off switch. Further more, I would highly recommend unplugging your lathe when you aren't using it to prevent damge to the speed control by line voltage fluctuations or lightning strikes in the area.
Around 1973 at NAS Meridian, MS I saw what lightning running in on AC power lines can do to a precision approach radar used in air traffic control to land air craft in bad weather. It was impressive.
I have a PM3520B and I unplug it everytime I am finished turning.
Electronic circuits fail. I made a awfully good living working on MR and CT scanners and x-ray equipments that could cost up to $1,500,000 because electronics fail.
Use the switch not the pot. Unplug to be sure.
Ken
So much to learn, so little time.....