I use these in my hand drill into my pencil marked center. Both sides. Put stock into lathe. Bash the stock up against the drive spur center with a rubber hammer and jam the tailstock center in the other end and go.
http://www1.mscdirect.com/CGI/NNSRIT...MT4NO=14610471
Oh so you are thru drilling your stock first?? Hole too big for center. Ah now I understand. I am a little slow. Now you can start doing the thru hole with your new lathe, after you turn the stock. I would think you might have a greater chance of splitting your stock with the hole thru it because your center is just pushing on a sharp edge of the hole. With a center drilled hole it sits on the angle made by the center drill thus less vibration and more area for center to ride. I have a headache now . Good luck and don't forget it is surpose to be fun and safe. P.