Installing an educated nut

AKA Quick Quill Stop or Quick Thread Stop.
Grizzly G7316 - Quick Quill Stop. I had considered one of these for use on a lathe micrometer stop I made, but turned my own nut/scale.
Grizzly G7316 - Quick Quill Stop .jpg
 
I like the idea. I have a cheap benchtop drill press with a stop nut on a long piece of threaded bar. It's a pain to set up or get up out of the way, so I could see the utility of something like this for more mundane things like drill presses.
 
I have one of the Grizzly pushbutton nuts (⅜-16) on a threaded rod on my drill press. Even without the graduations, I can "sneak up" on depths by counting hex flats as I rotate the nut. 16 TPI = .0625" per turn = .0625" for 6 hex flats. So one hex flat is approximately .010"
 
How difficult is this to make.Also why is there a thinner diametr on top of the nut. Is it needed.
 
There is a version of this that looks like a split nut, spring loaded, that can be clamped on the threads of the quill stop screw. It's fast to use and you don't have to take anything apart.
 
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