In the case of cutting an internal left hand thread the compound would be set over 29.5° to the right as viewed from the operator's position. Feeding out would allow for the cutting edge of the tool, which in this case is the one away from the headstock, to do the cutting. As you note, the carriage direction is from the headstock towards the tailstock.
For an external left hand tread the compound would be set over towards the left.
The basic principal to remember is to set over the compound in such a way as to have the leading edge of the V tool be the one that, when advanced, in the case of an external thread or retracted, in the case of an internal thread, is the one that does the cutting.