I have recently done this to pair of Pace rigid chrome forks, that came with a 1" Ahead steerer tube.
It's not quite as easy as just putting a thread on, as where I wanted to put the thread, is where the Ahead stem had been clamped, so the steerer was incredibly compressed, which wasn't particularly noticeable, until I'd set it spinning in the lathe.
Since it was done the forks have been fine, and not suffered any ill effects whatsoever. The steerer tube thickness was exactly the same as the Orange 1" rigid forks they replaced.
The steerer is welded to the forks, so doubt you can put it in a lathe.
When I did plumbing for work experience; we used to just get this thing and turn it down the pipe which put the threads on. I was hoping to do something like this!