Not always necessary to turn a blank piece to line up the steady rest; I just get it close, then put a center drill against the shaft end lightly and see what trace it leaves on the shaft end if not on center, then adjust the SR jaws until the center drill hits the shaft dead center and drill the center hole, With a bit of practice it is easy and quite accurate. There is nothing wrong with running things fast speed in the steady rest as long as the jaws are not overly tightened and a lubricant is used; way oil, center lubricant, white lead or whatever is at hand. If the jaws are roughed up, they can be re machined. I have thought of using a hand reamer in the spindle and carefully adjusting the jaws, one at a time against the rotating reamer, but have never tried it; same could be done using an end mill, the more flutes the better.