That is known as a double pan balance. In order to be stable, the center pivot point needs to be slightly higher than the two end points that connect to the pans. Instead of using a knife edge as in the case of a triple beam balance, I would suggest that you drill a small hole through the center of the balance beam and then use a brad or small screw through the hole and into the support column. What parts do you plan to turn? Also, does it need to be functional or is it a decorative piece? Getting it to balance will be a major challenge if you turn the pans and/or balance beam from wood.
BTW, welcome to the AAW forums.