That is why it is best to go with the strongest material I can find. A
material that will best withstand the kind of force generated(when a
3/32" wide area attermpts to shear off a 3/32", 1/8" diameter pin).

Hmm ... that depends on whether you *want* it to shear to
protect the rest of the system at some point, or whether you want it to
hold on as long as possible.

If the latter, I would suggest either a hardened dowel pin, or a
solid carbide pin.

Then having the pin stay in place would again be an issue.(And
corrosion resistance is still important).

I don't know of a better plastic for this. Basically any of six
holes/slots of various shapes(drilled all the way through the Delrin)
would fit within a 1-1/4" area and there will be a minimum space of
3/16"-1/4" between any of them. This is one reason why I was thinking a
drill press might be the best way to go.(Rpms would be a big guess at
this point).

Remember -- the slot will be scalloped -- at least until you can
file it smooth -- assuming that you have a place to run the file to do
that.

I have a Dremel. :-)

Yes, but how would I determine when it was balanced?

Switch on the lathe spindle at a low speed, without planning to
make a cut. If the lathe doesn't try to walk off the table, keep
increasing the spindle speed to see where it does try to walk off the
table. The higher you can get the speed without things galloping
around, the better. If it does start bouncing, stop it, move the
counterweight either a bit more distant from the center or closer. Try
again. If the problem occurs at a lower speed, you moved it the wrong
way.

Do you know if I can I buy these counter weights or do I have to make
one myself?

Since you're going to be drilling steel with only a 1/8"
diameter drill bit, you will probably want something close to the
maximum speed the lathe is capable of. (Check the SFM recommendations
for the drill bit material in the material you are drilling and compare
it to the results of calculation to determine the desired spindle speed.

SFM recommendations?

Thanks.

Darren Harris
Staten Island, New York.