I would like to thank Mr Frazier for posting this project in a forum as I found this bit of lathe tooling to be very helpful and quite a time/frustration saver. I don't have a mill yet, so drilling accurately through a bar can take quite a bit of time to set up on the drill press, but with this tool it's so much easier as you start already on center and perpendicular to the work.
With a level you can use your chuck's jaw openings as an easy way to index holes. You wouldn't want to cut gears this way, but the holes look fine and most of the time that's good enough.
In the picture below, I'm making a slip-on spider for my SB 10K. I'm indexing the holes from the 4 jaw chuck.
