Seems like the hard way to do it, Why not mark center, drill with center drell, put dead center or spur in headstock, put 60 degree live center in tail stock, tighten as necessary, and you may have to snug the live center up a bit if using a dead center, not so much with a spur, but you will leave a small length of square stock, unless you have a 1/2 inch or 5/8ths Steb center. NOTE (this will work on Wood or Metal Lathes) Turn on lathe, remove excess stock with a good Skew, Scraper, Roughing Gouge or Carbide lathe tool. I realize it's a lot easier to just engage the lathe feed, but not all of us are blessed with metal lathes as well as or instead of wood lathes. and it takes a lot less time to round a blank this way than it took to type this.
here is a link to the way I round square blanks to round.
I hope this isn't considered to be advertising if so, would the moderator please just edit this part out,
thanks
Ken
http://www.youtube.com/watch?v=_g1iqk2R_bc