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I built something similar to what your describing.
I found an old electric weedeater for 10 bucks at a thrift store. it had a 1/4" threaded shaft which made it easy to chuck up (i used couplers & pins) I added on a tailstock using a 7/8" od. 1/4" id. bearing with a live end.
My wife works in food & wine and accumulates alot of wine corks, I shape em down for floats for my son.
If you could clamp down a var speed drill with an added tailstock like described above, you could get away with something like that too.
If you want a quality tool, look around the web for "pen lathes" these are made for small parts like ink pen barrels.
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