I was visiting the toolmonger site the other day when I saw this tool which looks like a far more robust option if you already own (or plan to own) a drill press.
This accessory sold by Grizzly allows you to turn a multi-speed drill press into a vertically oriented lathe. What a great idea! It looks like it would be fairly easy to setup and change from drill press mode to lathe mode.
A 12" tool rest allows a maximum work piece length of 24" -- if you reverse the piece to work on the other end. The set includes a base plate with live center, 12" tool rest, mounting bolts, mini screw center, and spur center. It fits all drill presses with a through hole in the table. All of this for about $20. Wow.
Take a look at this Lathe Attachment for Drill Press.
You may want to take look at this highly-rated set of lathe chisels to complete your new setup.