[intakexhaust]

Whew Dave.....

I don't know how slow an RPM you can get your wood lathe down to, but that would be my first concern. Metal spinners for platters are often done and with an outboard head set-up. But you're doing something completely different. Some of those articles from that period are rather loose and risky machine practices. There's many ways to modify and slow down a wood lathe if one doesn't have correct speed. (No reason to discuss here).

Tooling and support: Free hand is nutz on small metal and quite different than turning small wood pieces... as you have plenty of experience in wood. Even scarier that you're doing a bore. If I had to suffer the worst consequences, would rather take a hit from an exploding piece of wood vs. metal projectile or hand held chisel that flew after a mis-angle on the turned stock.

For the most primitive and to securely hold the chisel, at the very least, 'sandwich' the chisel and end between the tool rest and then a flat piece of metal above. You could even use threaded end U-bolts. NOT LIABLE AND DO NOT SITE ME SHOULD THE WORST HAPPEN TO YOU!

Next bet would use be using a cross vise and give one some micro feed by screw action. Configure and fabricate a thick metal adapter base to the wood lathe. I have no idea what brand or type of lathe you have but there's many ways to adapt a cross vise, even with a heavy wood block riser set on the bed.

Since you mentioned the 1950's era, check out some older Atlas or Craftsman 109 lathes. They made many of them for the basement hobbyist. Lots of those folks rarely used them, have nominal wear, still found in good tight condition.

Be careful!