Drilling the center hole
Hi John:
When using a Jacobs chuck, holding a drill bit and mounted into the quill of your tail stock, you need to make sure the drill bit lines up with the center of your spindle. Place a center point drill bit into your Jacobs chuck, then insert your drive center into the spindle. Move the tail stock forward until the drill bit is about 1/2" from the drive center. Lock the tail stock into place and advance the drill bit toward the drive center so you can observe the alignment. You may will find they do not, especially on lesser expensive lathes. You may need to use some shim stock to get them into alignment.
If they aren't aligned, you will end up drill a larger diameter hole that you planned.
Also, realize that placing shim stock only under the front or back end of the tail stock or head stock (whichever is necessary) will not do the job. the shimstock needs to be placed under the entire surface. Otherwise, the points may appear to be equal to each other, but they may not be aligned which means they are at an angle to each other.
Good luck with your project.
Don Geiger
PS: How's the Ballistol working for you?