Common wisdom tell us you can't have it all; you must choose between three factors: you can have it inexpensive, high quality, and easy; but you may only choose two out of three.
But with the Oland tool you can have it all!
This tool is cheap to make, easy to use and functions well. Constructing this gouge involves regular shop tools and common, inexpensive materials.
The parts are:
-a big dowel (free from the scrap pile, you could even substitute this with a scrap of 2x4)
-a 16mm X 30cm steel rod (18"x3/4"): 300 yen
-a 6mm (1/4") lathe blade (from a metal lathe): 2000 yen but probably way cheaper in your country. This was too expensive for me so I used a hardened steel concrete nail instead.
-a 5mm .8 thread machine screw (or a 1/4x20 thread): there's probably one in your pocket right now.
-2 meters/6 feet of thickish 1~2mm 1/8~1/16 steel wire: very cheap
=Not much money.
The tools are:
-drillbit the same width as your steel rod (to drill wood).
-6mm or 1/4" drillbit (to drill steel)
-5mm .8 or 1/4x20 thread tap
-5mm .8 or 1/4x20 bottoming tap (Mothflavour2 suggested a workaround so you don't need a bottoming tap see step 4)
-drill bit appropriate for your tap size.
-a grinder with a narrow wheel.
That's all folks!
See the thing in action on my foot-powered lathe:
Remember to post pictures of your's in the comment's section.