I think I found a way to get a good center hole.
I found it on a google search. You mount the bit just snug, upside down in the drill press. Then lower it down to the fixture on the base and get the base lined up and clamp the bit into the base fixture. This supposedly get the chuck in the center. On my setup it was not quite centered, probably my base is not perfectly true to the chuck and spindle.
Then, raise up the chuck leaving the bit in the bottom fixture. Mount the dowel in the chuck and drill.
Works pretty good. I wish I had a 5/8 chuck, cause I cant fit my 5/8 dowel that I wanted to use, but I think 1/2 is going to work.
I bet this is why somebody invented the lathe!
Thanks for the tips
Jim