Right now I just plan on turning pens, but I like the idea of being able to use my lathe for bowls eventually, after getting the hang of these smaller items. I guess my biggest issue now is that I'm not getting great results I want with my drill press and I don't have another hundred plus dollars to throw at this new hobby. If in a couple weeks I do have some money and haven't figured out the drill press situation, is the $89 2jaw chuck and the $29 1/2 drill Chuck from PSI going to be my best option for drilling pen blanks effectively? Working on their 10" variable speed lathe, which is #2mt I believe
Actually, I suggest you skip the dedicated pen blank drilling chuck and get the $89 "Utility Grip Chuck" ... comes with 3 sets of jaws, an adapter, and a bonus set of wide jaws for gripping bowls and platters by the rim so that you can turn and finish the bottom of bowls and platters. Since you want to turn bowls, it's probably your best bet to get the chuck early and learn how you can best use it.
You can also get the pen blank drilling jaws to fit this chuck for another 22 dollars, but it's not really necessary, as this chuck can do the job as long as it's a square or round profile without a problem, and turning it round is simple. Also, as John has mentioned, just turning a tenon on it would be enough ... long enough that you can get a proper grip on the end and spin it on center.
I always round the entire blank, because I want to be able to cut to length and drill it immediately ... followed right away by gluing in the tubes. I typically turn a simple pen (no major embellishments) in roughly an hour.
Last, but not least ... you're still a beginner. I understand, after having worked with these kits and my lathe for a year now, that precision is not 100% required till you reach a certain point.
I can take a rough chopped block of wood ... not even square!
I can use my power drill (not even a drill press) and drill a hole in it ... by hand!
I can glue the proper size barrel tube into the hole ... don't need a tool to center it, hell I usually just press the barrel against the table (paper towel on table) to line it up on one end.
NONE of this needs to be perfectly accurate.
I can square the blank to the tube ... this needs to be done accurately.
I can clear the tube of any glue or brass shavings by reaming the ends of the tube. THIS MUST BE DONE PERFECTLY.
I can mount the tube or tubes on my lathe using several different methods ... TBC, TBC supported with a floating through mandrel, pen mandrels of various types, ect. These don't have to be perfect ... digital calipers are nice.
I can turn the blanks down to the bushings, if I'm even using bushings ... but this should be done fairly accurately. Stopping short and sanding the rest of the way is many times a very good idea.
I can then finish sand and seal/finish the barrels ... this is where you really NEED to be as accurate and as perfect as possible.
I can then double check the barrels to insure that they are perfectly clean, reaming them again just to make sure no glue is hiding in the ends of the barrels. I usually also clean them with a double or quarupled over pipe cleaner, and inspect visually for glue.
I then press them using one of several available methods ... as long as the tubes were properly cleaned and reamed, all I have to worry about is getting them pressed squarely and to their proper limits. This is generally the easiest part.
As you can see, there are parts that need accuracy, and parts that don't. This can change from pen to pen depending on the type and style of blank used. You may be using a segmented blank with a special design and you NEED to accurately drill it right down the very center of the design ... or you might just be drilling a common wood or acrylic blank and you just need a roughly centered hole.