Ok.. So I am Playing Around

USMCDOC

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With this idea of a "grinding" tool for the lathe.. not sure how good of an idea it might be.. but i am taking a older Dremel "router" attachment and augmenting it to fit the cross slide on the lathe.. with this method, will be able to adjust it to the center of the bore.. by using the supports that came with the attachment for circular cuts.

Tell me what you think?

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That should do fine for light work. If you want to do heavier work, use a pneumatic (or heavy duty electric) die grinder instead of the Dremel, on a heavier stand, or they can also be held in a toolholder for quicker on/off and quicker built in adjusting. I am lucky and have a Dumore tool post grinder, does the same job for a larger investment...
https://www.harborfreight.com/1-4-quarter-inch-45-cfm-air-die-grinder-92144.html the basic grinder
https://www.harborfreight.com/1-4-quarter-inch-inline-die-grinder-kit-53177.html the "professional" kit
Make sure you understand keeping the grit out of your lathe and other machines!
Just last week I ground a Grizzly 5C to 5MT collet spindle nose adapter. It was .0006" out as received from Grizzly, clocked it to .0005", ground it to .0002" runout. Next is the MT5 to MT3 sleeve that came with the lathe. It has .002" runout as it is now. The lathe spindle has .0001" runout. The lathe is still set up for tool post grinding...
 
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Well i am going to proceed with it.. i may add a support bar to the riser bars to be more stable.. i am flying by the seat of my pants right now on this.
That should do fine for light work. If you want to do heavier work, use a pneumatic (or heavy duty electric) die grinder instead of the Dremel, on a heavier stand, or they can also be held in a toolholder for quicker on/off and quicker built in adjusting. I am lucky and have a Dumore tool post grinder, does the same job for a larger investment...
https://www.harborfreight.com/1-4-quarter-inch-45-cfm-air-die-grinder-92144.html the basic grinder
https://www.harborfreight.com/1-4-quarter-inch-inline-die-grinder-kit-53177.html the "professional" kit
Make sure you understand keeping the grit out of your lathe and other machines!
Just last week I ground a Grizzly 5C to 5MT collet spindle nose adapter. It was .0006" out as received from Grizzly, clocked it to .0005", ground it to .0002" runout. Next is the MT5 to MT3 sleeve that came with the lathe. It has .002" runout as it is now. The lathe spindle has .0001" runout. The lathe is still set up for tool post grinding...
 
I know they sell tool post grinders and this is a very common practice, but maybe I'm extremely cautious, but I don't want any grinding grit, anywhere near my lathe. I cover the lathe, milling machines and other machine tools, with drop cloths, before I use any kind of grinder in the shop.
 
i have a few old sheets for that!

I know they sell tool post grinders and this is a very common practice, but maybe I'm extremely cautious, but I don't want any grinding grit, anywhere near my lathe. I cover the lathe, milling machines and other machine tools, with drop cloths, before I use any kind of grinder in the shop.
 
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Above is my die grinder and shop made tool shank for it. They came as part of a large tool lot purchase. The shank is 1" square, which does not fit anything I have, but my mill can fix that if and when I need to use it.

Below is my Dumore 44-011 tool post grinder. The MT5-MT3 sleeve that has excessive runout is mounted in the spindle. The grit guards are off the machine while I change the taper angle from a 5C nose in the previous job to the MT3. Visible below the belt is the sine bar and a parallel for setting the new taper (gage blocks not shown.)
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