No lathe here is the down and dirt how I do it.
1. Line the stock up on the drill press and use an aircraft counterbore
9/16 from brownell http://www.brownells.com/.aspx/pid=8...FT_COUNTERBORE
If I am using the Adjustable pillars. http://www.brownells.com/.aspx/pid=9...EDDING_SLEEVES
5/8 counter bore if factory or other brand. I like the whole abigger then the pillar so I can adjust depending on the action and make corrections
2. If using adjustable I make sure that it sticks out 1/16 of in inch so I can file it flush to the stock if using other types I Make sure they are recessed a good 1/4" then bed it in. This done while bedding the whole action and infact the pillars are screwed to the action using tape on the action screws to make sure they are not touching the pillar after the tape is removed.
3. Then I get a piece of exotic hard wood, ebony rosewood, walnut lots of handgun grip blanks out there on ebay.
4. I place in a vise on the drill press and drill a 1/4 inch whole then change the bit and use either 9/16 or 5/8 plug cutter not moving the piece of wood I uses these. http://www.hermanscentral.com/produc...fm?sid=FRoogle
5. I place them with some glass bed material let dry and sand them to shape of the stock
Now the back i Usually use a standard alluminum pillar but will notch or I by the factory ones and fit them.


A trick I use when setting up the stock for the counter bores is place them on vise and line it up by using a drill bit to line up the wholes before I run the counter bore. I use a small bit then what is drilled on the stock.

Like I said I will do an article next stock I do.