Like most things, worrying about Murphy's Law is worse than just doing the job. After some experimentation, I chucked the used 1 7/16 Cleveland drill by making a home built 118 deg female cone adapter on the drill point driven by a dog screw with the tang center in the tailstock live center. Got it to run within a thou. Plain ol' HSS cutting tool had no problem taking the 4MT down to 3MT. Taper shank seems to be relatively soft. Will make the finish pass in the morning, and grind the smaller tang. But, I did order a 4x3 adapter from MSC, 41 bucks delivered. That way I can keep the drills #4, which happens to be the size of my South Bend spindle. Next project is to build an old school drill pad for the tailstock. Thanks for all the help fellas.