Deep drill on lathe

Probably the best way, without great expenditure on specialty bits. Don't try to rush things. Drilling a deep hole on a lathe takes time. Peck about 0.15-0.20", pull out to clear, put back in and peck again. Repeat as needed.
That is what I do, I am pretty patient but if a few new bits in common sizes speeds up the process I am all for it. If I get thru with a 5/16 or 3/8 it is pretty easy to go larger. The short stroke of the tailstock makes it a longer process.
 
Tried that too. I need to get a box wrench to fit instead of the open end, it is tedious to keep picking it up to loosen. A box wrench could be left on the nut.

Make this modification to your tailstock.

Make the new nut first then tighten it with channel lock pliers or something and be careful not to mar the surface. Now you know the closed position to mark the nut for where to drill and tap the handle.

Remove the nut and put on a lever to easily and rapidly engage and disengage with no wrench

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Here's another option for quickly moving the tailstock. Note the box end wrench and hex stud on the tailstock. The wrench is captured by the extended hex. There are hex flats on the bottom of the by the base of the tailstock. Then there's a relieved section that allows the wrench to be lifted and repositioned. The top section is again a hex, but tall enough that the wrench will not fall off during normal operation. To remove the tailstock the wrench is used to loosen the stud. Then the stud is turned by hand until the plate on the bottom of the bed is released.
 

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I don’t like searching for a wrench when the lever will do and always be there.
 
Here's another option for quickly moving the tailstock. Note the box end wrench and hex stud on the tailstock. The wrench is captured by the extended hex. There are hex flats on the bottom of the by the base of the tailstock. Then there's a relieved section that allows the wrench to be lifted and repositioned. The top section is again a hex, but tall enough that the wrench will not fall off during normal operation. To remove the tailstock the wrench is used to loosen the stud. Then the stud is turned by hand until the plate on the bottom of the bed is released.
I've seen something like that before but can't remember where.


I don't think I have the room for a lever. very little room to swing.
 
The tailstocks on the later Atlas lathes had a captured 6-point wrench made of stamped steel. It worked very much like the one projectnut posted. Old Parker vises used a similar system to retain a wrench for the swivel base nuts.
 
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