Yeah the wood lathe isn't going to be ideal, but I wanted to get my feet wet a bit before I spend a lot more money on a better lathe. The rest I bought has two wheels on the bottom and one on the top, so the bottom two wheels adjust together and the top is separate.
I don't have an indicator, going to have to put that on the shopping list for sure.
I wish that I had gone with 3/8 - 10, but my playing shaft is radial, so I want to match that. (I could have someone redo the shaft joint, but I do like the radial from a playing standpoint. I appreciate the tip on the drill bits, I'll make sure they're good when I pick those up as well.
I'm a bit concerned about not being able to ream the hole more precisely, I was going to look for a bit holder type attachment similar to what you use on a metal lathe.