I made a 2 piece tool to use on my mini lathe years ago,after seeing a fixture my machine shop instructor made to fix a recurring problem with a lathe in the shop.
Using a lathe at school,it started off with a light truing pass on a piece of 1/2 dia 300 series stainless. I then drilled a 15/64 hole and reamed it with a fresh .250 reamer to 2" deep.
After parting the piece off,I turned a 3/8 shank on the back of one end to fit in my drill chuck.
Used some red Loc-Tite and slid a .249 gage pin in and let it dry.
Once finished,I put the male end in the tailstock and the female in the chuck,then slid my tailstock up and adjusted until the gage pin slid into the reamed hole with just the tailstock handwheel. Tommy D.