Mach 3 will certainly manage a 2-axis lathe and control the speed of the spindle, and with a suitable spindle sensor will do threading. Lathes don't normally do cnc drilling from the tailstock, the drill would be mounted in a suitable holder on the carriage possibly with automatic tool changing. In mill config Mach 3 can control 3 axes plus spindle, but not in the standard lathe config.