Well, I'd be absolutely scared stiff of trying to centre drill a 1 inch bar with something like 10 in sticking out and unsupported.
What is wrong with using your fixed steady? Here's how I would do it.
Preferably I'd use the 4 jaw independant chuck, centralize the bar adjacent to the jaws by moving the jaws, then set the fixed steady to fit the bar adjacent to the jaws. Now I would open the "gate" on the steady, move it to the free end of the bar, close the "gate" and drill away. The point is, by setting the steady adjacent to the jaws, and moving it without upsetting the arms, you stand a very good chance of keeping the bar centralized as accurately as it was adjacent to the chuck. Ok, it might take a few minutes extra, but what is a few minutes against the possibility of the free end flailing about dangerously.
Regards,
Peter G. Shaw
p.s. Somewhere I have seen a recommendation to limit the free unsupported end of a bar to perhaps 3 or 4 times the diameter.
Edited By Peter G. Shaw on 19/02/2019 18:59:50