I was thinking about Edgar point about mandrel savers, and that triggered me to review this thread this morning, and when I reread my post from Tuesday, my measurements didn't make sense. Then I realized that I had made the measurements downstairs in the shop, and then tried to remember them long enough to walk back upstairs to the office to do the post. Obviously, that was a dumb thing to do! So I repeated the process, being careful to first zero out the caliper, and then write down the measurements rather than try to remember them.
So - for the record, the correct measurements are:
PSI mandrel rod OD - 6.17mm
7mm tube ID - 6.27mm.
iEngineer tells me that 1/4" is equivalent to 6.35mm. I don't have a mandrel saver, but my understanding is that they are simply a hollow live center that the mandrel slips through so that the tail stock pressure can be applied to the bushings on the mandrel rather than to the mandrel itself. On that basis, Edgar's comment makes sense. But it also suggests that a tube supplied with a standard 7mm pen kit won't fit over a rod that is exactly 1/4" in diameter.
Another example of why we need to abandon the imperial measurement system!