I built my first cues on a wood lathe without a center steady. Drilling and boring was done with the cue being fed using the tailstock and a centering jig, which in some regards is a great way to do it--the rotation, vibration and flex of the cue are eliminated. Points were cut using a hand fed router sled.
They weren't perfect, but for a 19 year old kid who had never even met another cuemaker, I was happy. I still pull out the first cue with points I ever made... Plays fine nigh thirty years on.