I've looked at M1077, and found that theres a problem (in my case anyway) with tapers of 0 (ie, reduce the diameter of stock). I've 'fixed' the code and that now works. Tapers seem to work (haven't checked the angle calcs) but the Tx.x parameter is being interpreted as a toolchange instruction...?!
In ports and pins/turn options you can set cut depths etc so in its' most basic form you'll just do a touch-cut on your stock, set the part-zero, then G77 Xx.x Zx.x where X and Z are the final diameter and length of cut. The macro figures out how many passes to make based on your turn settings.
Here's the modified macro if it's of any use. Take out the 'andy' in the filename. As always, remember to take a copy of your original M1077 first!