That is a start but you need to add in the z feedrate that matches the thread pitch. Ideally you also need to reference the tool number so that the tool height is known. You only have so much overtravel in the tap holder so you have to be close in matching the tap movement verses thread pitch during insert and retract.
You had a very good start with the tapping wizard you started. Did you get it finished?
A complete tapping wizard very similar to the drilling wizards would be a VERY popular wizard.
1 Set the spindle speed ( don't overspeed this input as z can only move so fast, the faster you go the longer it takes to speed up and slow down, I normally tap at 100 rpm, it makes the math easy)
2 set the feed rate of the thread pitch based on spindle speed/ thread pitch
3 set a dwell at the base of the tap insert cycle based on "your" machine's cycle time
4 use all the other functions from the drill wizard. Tap size, depth of tap, tool height, hole location, coolant on /off etc.
Used in conjunction with the drill wizard it would be great. First run the drill wizard to drill all the holes then change tools and run the tapping wizard to tap all the holes. Piece of Cake.. Thanks Terry