John,
One factor that seems to have been overlooked here is drill runout. Even with a bar held perfectly concentrically (and repeatably) – for example in a collet – there is every chance that the drill bit will deviate if the hole is of any significant length. The amount of this will depend on lots of factors: the accuracy of the lathe bearings, the accuracy of the drill chuck, the accuracy of the starting hole, the adequacy of clearance of swarf from the drill flutes, and (probably most of all) the accuracy with which the drill bit has been sharpened.
As to the latter, if it has been re-sharpened (especially by a novice) or is of less than top-tier quality, there is a chance that the lips will have unequal length. This virtually guaranees that the hole will deviate, and the deeper it is the more it will deviate. Even with top-grade equipment in the hands of an expert, to get a hole to stay concentric at a depth 10x drill diameter takes a lot of care.
The late, and renowned, George Thomas, in his book The Model Engineer’s Workshop Manual, sets out a very good discussion of deep hole drilling, and the steps you need to take to do it well. I heartily recommend this book; even if you never make any of the tools he describes, there is a wealth of useful information in it.
David
Edited By David Littlewood on 09/10/2011 19:36:23