I don't know if posting from another forum site is allowed, and I'm too lazy to check, but here is a homebuild of about the same thing:
http://www.billiardsforum.com/pool-cue-repair/homemade-cue-lathe-done-dirt-cheap
I like the makeshift "ways" of the tailstock piece sliding in the wood base. Also, he is using the crutch tip to hold the shaft, which I think might be better than a screw-in adapter (basically, a joint protector with a shaft for the drill chuck to hold), I would think that crutch tip self-adjusts to a degree. (I think Fred Agnir posted something years ago, about how a shaft would even stay horizontal w/o any support, when spinning in a crutch tip on a drill. It could have been in the old BD forum though. Also, a support would obviously be needed, in order to bring any cutting pressure int play.)
Of course, the same lack of tool rest issue exists with this, but freehand shaping a tip is not so hard. A ferrule change would be a different story.
[Edit: I forgot, there is more than the one "lathe" on the page.]