To each....
I have a Barracuda 2 with mulitple Jaws & always use the smaller set to drill my blanks on. I find that the holes are more accurate that way (centered & concentric with the brass tube). I try to make sure that my blanks are square to begin with; & that aids in the accuracy & drilling process considerably because you can get even pressure on the 4 contact surfaces. Even if you have a segmented blank & it isn't quite square or straight you can tighten gently & drill slowly to make sure that the blanks dont blow apart. Extra glue, re-inforcing the sides with epoxy, or even attaching popsicle sticks to the sides will help with that problem...Caution! Some lathes, my old Jet included, may not hold the Jacobs chuck securely, so from a safety stand point, be sure & hold on to the chuck as you back the bit out of the blank. Recently there was a post that showed how to add a set screw to the quill of the tailstock to solve this problem. this is something that I am going to do to add that extra degree of safety to my drilling process... The only item that I have had to drill with a hand drill has been a crooked piece of antler, but that is an exception...
To each his own...You have got to find what works best for you..