Various rod componet sellers have stands for your drill that will effectively turn it in to a lathe. I think the sert up costs between 50 and 100 bucks.
That being said, I understand your thinking on the expense of a lathe, but now that I have one, I wonder why it took me so long to dive in. The initial expense is rough, but I think it's money well spent. You don't have to start off with an expensive chuck and tools. The big tool clearing houses have cheap stuff that will get you started, and serve you well.
Swamp