You can get an import mini lathe for under $400. I got one for building
my home built making many valuable custom precision parts and do not
regret the investment. There is no way you can reach the versitility or
precission with a drill chuck. There is a 7x12 mini lather for sale on
eBay now for $360 with no bids
http://cgi.ebay.com/NEW-METAL-LATHE-...c mdZViewItem

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SQ2000 canard: http://www.abri.com/sq2000