Yesterday I needed to machine an 8-32 thread on the end of some 3/16 stock. To use a die I'd need to turn down the end of the rod to the major diameter of the thread. But I realized that I could modify my MOP for 10-32 threads to take a couple of extra passes to hit the minor diameter of 8-32. Worked like a charm.
I suppose the same idea could be applied to internal threads, but since one has to drill a hole first drilling the correct size is just as easy.