DIY lathe tool post

Shortly after buying my lathe and before finding a proper toolpost for it, I made a boring bit holder from a pipe tee by drilling it 0.500
across the single leg. A 1/2" carriage bolt that catches in the compound tee slot clamps the tee on the lathe and a pipe plug secures the boring bar in the hole.
I mounted the tee on a pipe nipple to face the opposing ends flat and parallel, then installed it in position on the compound and drilled the crosswise hole, automatically at center height and offset to clear the upright bolt..
Then I found a used Multifix tool post and put the pipe tee away until this morning.
Today's first project was lightly boring the end of a piece of pipe that's almost too long for the lathe. The pipe tee toolpost gave just enough clearance. Then I noticed that the punch mark I made at the compound's center of rotation was exposed -- it's on the top of the compound when cranked all the way back, as it was to gain clearance. A square bit clamped in the pipe tee can be moved back about 3/4" behind the punch mark, meaning I can turn a ball end up to 1-1/2" in diameter by swiveling the compound.
The tool bit needs its point lowered to 1/2 way down to be at lathe center height when clamped in the round hole. Setting the radius is easy, turn the blank to size and adjust the bit to touch either side of it.
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