DS Operative,
Dremel used to make a micro lathe years ago, but it has since been discontinued. You can still find them used on The Bay’.
Many years ago, I constructed a “Crudimentary” lathe out of Sears rotary tool (Sears version of the Dremel). Everything I used was in my Dads garage, or from the local Mom & Pop hardware store. I mounted the head of the tool into a PVC coupler that I threaded to match the collar of the tool. I then glued that into a hole drilled into a short scrap of 2 X 4, this was my head stock. I made a similar setup for the tailstock, but pressed a bearing into another PVC coupler (I heated the PVC up with a torch to soften it). Into the bearing I put a drill chuck that I scavenged out of an old, broken drill (I brought the shaft of the drill to the hardware store, and they matched the bearing to it). I mounted the tailstock onto a scrap 4” board which had 2 small carriage bolts mounted about 2” apart from one another, with small washers on the ends. These slid into tracks on the “bed”. The tracks were a piece of bracket for mounting shelves, that I cut in half, and turned upside down, and screwed them to a piece of wood. A long carriage bolt rand through the base of the headstock to a corresponding hole in the base of the tailstock as “feed”. A live center was made from a spike taken off of a spiked bracelet (this was the 80’s you know). I greased up the rails. I adjusted the speed by running the cord to the tool through a dimmer switch.
Now, by today’s, standards, or by the amazing works done here on the RPF, seems ridiculous, but the concept is sound. Check out Instructables, and YouTube for people building lathes. Some are even using there 3-D Printers to print lathes!
After doing some internet searching I came across this article for building a “FONLY Lathe” for your Dremel. Named for “I could do that If-only-I-had-a-lathe”. I think this could be just the thing for many of the people here who have a dremel, but cant afford a lathe. I may build one just for fun.
http://www.btinternet.com/~two.mm/articles/fonly/fonlypt1.htm