It's important to remember the the variable speed lathes are only variable between the belt/pully settings.
My Jet has 4 belt/pully positions. I use 2. The slowest and the fastest.
When turning I am at WOT

When through drilling I am in the higher range of the slowest belt/pully seting. When cutting a popper cup I am at the slowest of that same range. It is simply a turn of the knob.
Some drills like the 5/16 or 3/8 used for tail weights don't like the faster speeds of the through drill or nose gromet drill. Simply slow it down.
The few extra $$ for a VS machine is well worth it in my book.