Well. It turns out that I am an idiot.
I started by drilling out to 14mm, but there was still seem screeching. So I checked the tool height and it was a little under. I fixed that and, once I'd worked out that the best speed was around 1000 rpm, I got a good finish.
The lathe still turns to be narrower at the chuck end but is 15 microns or so better. I've tuned the outside with some emery and it's within 2 microns along the length. The bore is good enough for a 'light press fit' at both ends.
Huub I'm using the CCGT060204 (aluminium) and it's pretty much all I use for normal cutting and boring – HSS with zero rake for bronze and brass, though and I have some very small pieces to turn (2mm dia) which I will probably use hss for.
I want a tight fit for the bearings to make sure concentricity is good. If you have a gap for loctite (I use 638 for bearings) then there is the chance of it being a bit off.
I don't think I've finished setting up the lathe, but I've other things to get on with in the short term.
Thanks for all the advice.
Iain