I have a 7x14 lathe and it just barely has the power to cut 1-1/4" stainless stock. You can do it, but you have to make LOTS of shallow cuts and you really need to use carbide tooling. My machine is fine for the small stuff I generally make. The turnbuckles in my picture above are machined from 5/32" diameter 316V stainless. A small lathe is preferable for small stock like that.