I have considered a lathe many times, then my wife gives me that look. :shock:
Back in college I did an engineering internship and had access to a very nice, fully stocked machine shop and a master machinist. Boy do I miss those days!
One of the many things I like about Mike Powell's first book is how he has figured out how to make the instruments without the need for a lathe or mill. I am getting passable results with a small drill press, a band saw and basic hand tools.