Jerry,
Like Thor, I favour the sort which is supported by a centre in the tailstock, and using an indicator on the end near the workpiece. I made one; picture here. The cannibalised dart is soft soldered to the brass tube, with a spring between it and the steel rod to hold the device in place.
In no way is it concentric, but as the friction between the rear end and the centre is far greater than the friction at the pointy end, it doesn't revolve and concentricity isn't an issue.
After taking the pic, a 1" slit was cut along the side of the tube, to take a pin into the rod, so the thing can't fall apart. All very crude, but works a treat.
If making one like your sketch, consider mounting the long rod in something springy, like through the hole in the end of a piece of old hacksaw blade sticking out from the toolpost. That would save the bother of a ball joint. It does strike me that the rod, which might be rather slender and prone to getting bent, must be dead straight to line up properly with the tailstock centre. But why bother lining up with a centre? Simply adjust the chuck until the far end stops waving around in little circles. Then, a bent rod wouldn't matter.
Andy