Works fine in practice. Maybe little more problematical if really, really worn than a two piece nut but by the time you get that stage you have bigger problems.
One man says its easier for dirt and rubbish to get in promoting wear other man says its easier for dirt and rubbish to get pushed out reducing wear. I say service the thing occasionally and keep the oil in the apron clean so the problem doesn't arise.
Bottom line is its a Colchester, not a Holbrook. Built and priced to be destroyed for the value of the work it did. Plenty of near destroyed ones floating around in the hands of folk who expect too much. Also, even today, still plenty of low time machines out of maintenance and training shops bought for the excellent price / capability / performance ratios. One of those is unlikely to have done enough threading for nut wear to be even the merest smidge on the horizon.
Save your worries for real issues. Like Bubba tryning to adjust the clutches and failing miserably.
Clive