You will note that a centre drill has a pilot. Do you fill this pilot hole with lubricant? If not, that might help.
Another way to avoid ‘burning up’ your dead centre is to use a carbide one.🙂
The centre is there to support the part, not squeeze it between the chuck and tailstock in an attempt to distort the part! It’s not likely doing the lathe spindle bearings any good either. Anneal the bolt? A better, sharper cutter?
With a revolving centre I wind it in until it revolves with the work, plus a tiny bit extra but not so much as to heavily load the lathe bearings. You will be cutting axially, not radially, most of the time, so cutting pressure should be towards the chuck. Radial cuts are best carried out closer to the chuck as there is more support at that end.
Plain bearings cannot work at the same high speeds as ball or roller bearings (unless with pressure-fed lubrication think car crankshafts?) and require regular lubrication (think myford spindles), so work more slowly and lubricate more often.
Items are often joined together by ‘friction welding’ where rotation and pressure are applied simultaneously. No need to try to go there!