I like show and tell. When I'm in the shop I see it happening.The diameter of your work piece has to be able to fit into a 5C collet but basically yes, you would put the collet in the hex-shaped block and lock it in place in the vise. Then you cut one flat, turn the block and cut another flat and so on until all six flats are cut.
Edit: When I asked about the 5C collett it was because I got the distinct impression there would be a milling task to complete on the lathe and if it's in the description I missed it.
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