I talked with Marvin on the phone, and he got me all lined out.
Trick is, having a 4-jaw chuck for your lathe is the key to all this going perfectly centered. Well, I've always had a 4-jaw chuck, and I didn't know what all the uses of it were!
One-way Talon just sitting around collecting dust, when I would have been using it all along if I would have known its worth!
I've just got to get me some reduced shank bits for my 1/2" lathe chuck when I'm in the city tomorrow, and it sounds like I'll be up and running!
THANK YOU MARVIN for taking so much of your time to help me figure this out!
Parker