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I ended up getting my HSS tool bits online. You can get them from littlemachineshop.com and use-enco.com. 5/16th is the "correct" size, but typically still require a bit of shimming to bring them up to centerline after grinding an edge on them. That's why quick change tool posts (QCTP) are so...

If you're using brazed carbide tool bits, they have zero rake and don't do great on aluminum, especially at low RPM. A nice sharp, raked HSS bit should work a bit better.

You have an abrasive toolpost grinder already? Or maybe you just meant turned down the head with a tool bit. ;) That's not a bad idea for making SHCS, though. I've always been afraid to cut down store-bought fasteners for fear they're hardened and will make a mess of my cutting tool.

While rotating the chuck by hand, move the High/Low lever one way or the other. It will only "engage" at certain points of the spindle's revolution. So always turn the chuck by hand when shifting until you feel it lock in.

Yeah... I bought those tap and die set many years ago before I found out how crappy some HF stuff can be. Surprisingly, the HF set actually cuts threads whereas the one I got from an auto parts store self-destructs doing the same thing. ??? But yeah, these are good for cleaning up damaged...

I discovered that if you take a piece out of the brass Harbor Freight automatic centerpunch, it makes a dandy tap guide for your drill press: http://www.youtube.com/watch?v=oRv6UXpVwrE

I love the sound of that 5-cyl radial! I've drilled a 1/2" hole on my 7x10 and you're right, it is a real tight fit with a standard "jobber" length drill bit. The piece you're drilling definitely can't be very long. And to even get that far, I had to chop off the back end of my drill chuck's...

Here are a couple more shots:

I think it would be cool to make a V6 model with an "evenfire" split/offset pin crankshaft, like this: