The Continuing Adventures of a Home Shop Machinist  

  • Facing off
  • Close-order drill
Start by facing off the stock, then center drill it.

If you use a tool that's sharpened for steel or aluminum it's likely to dig in - the round-nose tool used here  should have a rake angle near 0°.  Things tend to be loose on an old lathe, so keep the overhang as small as possible and take light cuts.  

Run the tailstock up close and feed the center drill in gently.  Since we'll be boring the hole later this isn't so critical here, but time isn't money here and you need to keep in practice to do precision work when it's needed.