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Signing UpStep 1: Make a live center
I ripped apart an old battery drill, a cheap skil drill from the thrift store for a dollar, Out of the pieces you should be able to save a chuck with shaft and a thrust bushing.
Now bolt a scrap of hardwood to your drill press table and bore a hole through the wood slightly smaller than the shaft of the drill chuck. For example, the chuck shaft was slightly over 5/16th of an inch so I bored a 5/16ths inch hole. Here i'm using a scrap of Mahogany.









































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thanks heaps
Thank you. Your creation rocks!!!!
Here's an instructable of mine using a similar trick to make soldering iron tips:
http://www.instructables.com/id/Soldering-iron-tips-from-6-AWG-copper-wire/
Finally, for those commenters still consternated and trembling in fear of putting a "side load" on your spindle, I think that's why TUA put a chuck on the bottom, to help push back against the cutting tool. Also perhaps you could try balancing the forces by holding something blunt on the other side of the cutting tool. I frequently do this. I haven't killed the bearings on my little drill press yet. Knock on steel.
Nice instructable +1 and favorited
How to tell if you have a taper. The easiest is to look in the manual. It might say something like spindle 2MT, or chuck 6JT. If you look at the side of the spindle, with the chuck cranked down, and see a slot, with the end of a metal tang visible inside, you have a morse taper spindle, and with the aid of a single flat wedge, that came with the drill press, and the first owner promptly lost, you can quickly change chucks, or use drill bits that have a morse taper formed directly onto the non-sharpened end, so they mount directly into the spindle, without needed a chuck. It also says you have to go lathe shopping.
So you have verified that you have a cheaper lathe that doesn't use a MT spindle. It still may taper mount the chuck. If you have the instructions, and it talks about using a pair of wedges to get the chuck off, again you have to try this on another machine. (unlike the spindle taper wedge, JT wedges don't usually come with the drill press)
If there is a screw thread involved in holding the chuck in place (either one you get at by poking a screwdriver up where the drill bit goes, or they tell you to grab an allen wrench with the chuck and tap the long bit sticking out, to break the threads free, you don't have to worry about a taper, and you can give this a try.