It goes like this:
Obtain whatever reamer hold your going to use. Make it, buy it, whatever. It becomes arbitrary with this method.
with the holder in place square it up with your spindle. The easy way to start is just by eye balling it or pushing it up against the chuck with the tool post nice and loose.
Cinch her down.
Take a dead center and stick it between the point on the reamer holder and the breech of the barrel. Use a little pressure so that it holds it still. Now either make/buy an indicator with a C clamp and clamp down on the dead center. If you really wanna get fancy, drill/tap the dead center for an indicator post and screw it in directly.
Here's the part to pay attention to. You have to make a "thingy" that will clamp onto one of your chucks jaws. It should extend as far away from the chuck as you can get it without it smacking the bed of the lathe. The further the better.
Your indicator post needs to be able to extend as far as it can without banging the bed also.
Set your indicator to contact the "thingy" mounted to the chuck jaw. Now slowly rotate over a complete circle. You'll quickly learn that you'll have to position your cross slide to get the "X" axis right. For the "Y" axis you then adjust the tool height on your tool holder/tool post.
The further you are from center, the more amplified any deviation is going to be; which translates into improved accuracy potential for centering the reamer holder. It'll be a little dramatic the first time, but with a little practice it comes quickly.
I suggest using an indicator with a .001" resolution. You can go to tenths but if you get way out there you'll be working in gillionths anyway so it gets to the point of being silly at some point.
Just sweep the circumference and keep bouncing your position back and forth until the needle on the indicator sits still the whole time.
Now mount your tool and let it rip.
Advantages:
If you have a DRO then cutting depths become a snap. Plunge, note the position, retract, plunge to within .01" of last depth, and then plunge again. Or you can just zero the DRO at each depth and work incrementally. Whatever is easiest.
You have good control with the big carriage wheel.
You get to use both hands. (vs the tap wrench method)
You have more mass in the carriage and this means improved surface finishes. I keep seeing intermittent posts here/there regarding chatter. The definition of insanity is to repeat the same thing over and over with the expectation of having a different end result. If you start to hear the reamer squeal with this method, increase the feed rate and it'll go away. Same as any other machining operation. You either decrease the RPM or increase the feed.
You can feel what the tool is doing better than the tailstock (my opinion)
You don't have to dicker around with the tail stock being out of alignment, off axis, etc.
You have total control to determine the center point of both the X and the Y axis. Your not at the mercy of shims or the guy who put the machine together.
Disadvantages:
You bump that cross slide or compound your going to ruin your barrel.
It takes a bit longer to set up (at first, with practice and after taking the time to make dedicated set up tooling, it goes very quickly)
It goes against alot of conventional wisdom which can get odd looks/comments from others. (I live for this, so I don't care)
Results:
It's too easy to get into a chest beating seminar; which results in irritated egos and yada yada. I will tell you that I've been doing it this way since 2003. I've done it manually and with a CNC. My holder for my CNC is special in that I had to get creative with how I made the holder since it has a turret instead of a tool post. I figured it out and it works wonderfully. My chambers are very round, very concentric, and my surface finishes are good too. The guns shoot well and clients have big smiles.
Try it out, see what you think.
Measure twice, cut once.
All the best,
C