Geir,
There are different techniques for tool handles with a partial, blind hole that needs to be central and a through hole in, say a table lamp. As you mentioned tool handles, try this technique for tool handles, carving gouges etc.
If you use a Jacobs chuck and bore the hole on the lathe, it invariable wanders off centre and this sometimes means that your tool is off centre on the handle. The smaller the drill in size the more it will flex and wander. So, try this method that establishes the hole first with a pilot and allows you to re-centre the work so that the turning on the handle is central to the line of the hole. You can complete the hole to accomodate the tool at the end of the job.
You will need a live tail stock, a Jacobs chuck and drill to begin and a 4 prong drive to finish, plus the usual turning tools.
1. Chuck a Jacobs in the headstock with your pilot drill in it.
2. Take your raw blank and mark the centre at one end (the tool end)
3. Fix the tool rest in line with the drill so that the pilot is aligned with the centre you marked.
4. Select the lowest speed and holding the side of the stock, carefully push the stock into the drill, keeping it in line and level on the rest so that the drill penetrates to the desired depth.
5. Stop the lathe, allow the work to remain on the drill, swing the rest away and re-start the lathe and turn it off, let the work spin and mark the centre point at the other free end with a pencil as it spins to a stop.
6. Disengage the work and remove the Jacobs and fit the 4 prong drive.
7. Re-chuck everything with the 4 prong driving in the centre that you marked and the live tail stock in the hole.
8. Turn the handle shape as desired.
9. It will all now be aligned with the pilot hole in the middle.
Don’t expect two holes drilled from both ends to meet in the middle – they’ll pass like ships in the night. For a through hole from one end to the other you’ll need a hollow (preferably live) tail stock and a long spurred gouge.
Hope it helps