About the most practical advice that I've seen in this thread is to use the DOF field on the lens. It was set by the manufacture, using their set of assumptions about how happy you will be with the image, and how big you plan to enlarge it. Some manufacturers vary assumptions, some fudge them to make their lenses look better.
With an M8- start out using the DOF as marked. "Pixel Peep" some on the LCD, look at it on the computer, make some prints. Are you happy with the focus as indicated? If you are not, you will come up with your own subjective criteria. Absolute size of the circles of confusion is a function of focal length, aperture, actual point of focus, and distance of the point source from the actual point of focus. I've got an Excel spreadsheet that I made sitting on some Win98 machine in the house, lets you input focal length, aperture, focal point, and chosen COC size. It computes the endpoints, front and back of the main focal point, for that size COC.
Like I said, it's on some Win98 machine, have not looked at it in 10 years. I know what I like, and basically ignore the DOF as marked on the lens. Except on the Zoom-Nikkor 43~86 F3.5 and Zoom-Nikkor 80~200 F4.5. That's cause they're so cool.