OK, so just as a quick-and-dirty, I tried a couple of cuts yesterday.
The first, was on a .5" piece of stainless. Put in in the three-jaw, center-drilled the end and put that on a live center. I took a .015" cut for almost 5". I started about 2" from the live center. I noticed that near the live center, I was getting small(er) chips, and as I got within a couple of inches of the 3-jaw I started getting this long, golden colored chip that had the cutting fluid smoking a bit. Pulled the rod out and did a quick measurement with my calipers. There was just over a thou difference between the measurements (I measured about 3" from the live center end, and right near the chuck). Not bad at all. I figured from watching the chips that I was getting some part deflection.
Next was a piece of 6061, 5/8ths thick. Did a .025" cut for about 3" on the unsupported rod. Bright shiny cut that had this long chip wrap itself around the rod near the chuck. Have to watch that stuff, as I figure it can probably slice me up pretty good if I'm stupid enough to get my hands near it. After pulling the aluminum Brillo pad off the part, I pulled the rod out and measured it like I did the other. Less than a thou difference.
Good enough for now. I'm pretty happy so far.