As Kevin says using the cyclic codes accepted by the Mk3/4 Compact 5 cnc control means 210 lines allows production of parts normally made on this size cnc lathe.
The earlier Mk2 machines are more limited in operation because of lack of cyclic codes with DOC parameter.
Using MFI is a great idea and sounds as if your'e familiar with coding so all will be well.
You will need the RS232 connection to a computer to run MFI but it is possible to program by using the control panel, for a quick turning and facing job it's quicker than starting a computer to enter the 4 lines of code needed.
Which ever way it's used best to have a monitor connected to the video output socket so more lines of code can be viewed.