Whatever you use, block of wood, metal or whatever, make sure the thin rod passes through a hole in it, not an open-topped V notch or similar. You want the end of the rod to be captive so it can not possibly bend and whip around, turning into a meat shredder.
I saw this happen once when an apprentice put a four foot length of 5/16 rod in a 9" Hercus lathe (same as Boxford or South Bend) without the correct stand in place. (This was a heavy tripod with a piece of 1' pipe welded at rightangles on top of it for the thin bar to pass through.) Another Einstein apprentice walked past as the unsupported bar was spinning around at 1,000 rpm and seeing the end was gyrating around in a small circle, say 4" diameter, gave it a whack with his hand to try to set it on centre.
Instead, the bar bent at 90 degrees at the point where it came out of the lathe spindle and we had a three-foot long propellor blade whizzing around at 1,000 rpm. The end of that bar would have been travelling at about 20,000 feet per minute. Over 220 miles an hour. Luckily none of the half dozen apprentices working within a few steps' distance, including Einstein, was injured. But that was purely good luck. Could have been a fatal or a terrible maiming for life.
If you have a milling table right there, I would drill a 3/4" hole in a stout piece of 4" x 2" wood and clamp it to the milling table, set at the lathe centre height of course. Set this up well in from the end of the bar so it can't flex and escape under rotation.
Edited By Hopper on 07/08/2017 04:41:36