It cannot be overemphasized, to make these adjustments, please turn off the machine.  After making your adjustments, spin your wood by hand to ensure that there is sufficient clearance between the turning stock and the tool rest.  Also, ensure you tighten the height adjustment sufficiently to reduce the opportunity of the tool rest dropping or rotating.  

Now that you have all the adjustments made, there is one pic I need to show that you can use to drill pen blanks.  This is a morse #2 taper and it is already adjusted for turning.  So, it is remove the live center and insert this tool.  We are talking seconds here.  Use your pen jaws on your chuck and start drilling by advancing the quill.  Please don't rush the drilling process.  That tailstock piece can break and then you are down again.  

We are now ready to turn.  Let's get a piece of pear and mark the centers.  Two ways to do it. 

These are about $10 almost anywhere.  Put a piece of wood in the corner and mark the diagonal line.  Move the template to another corner where the intersection is perpendicular and draw again.  You may be off by 1/8" but unless your work is critical, this will do most times.  Remember to mark the other end. 

And, if you don't have one of the little center finders, this old tried and true method will suffice.  

Please folks, don't drive this drive spur into your wood.  Making a dimple for your drill is ok and you want the whole to accept the complete point so that the spurs engage the wood.  

One thing I forgot to mention, the tool rest for the shopsmith is made of aluminum.  If it get a ding in it or is not smooth, set it up and get a file.  Work it down smooth again as the dimples in the tool rest transfer to dents in the wood that you don't want.  Just take a file and work it back to smooth.  Alright, we are ready to turn.

We have inventoried our parts, made all the setup adjustments, verified that all is in sync and properly aligned.  We have even chosen a piece of stock and mounted it.  I am going to use a traditional HSS roughing gouge and then make my first attempt to use a carbide rougher from EWT.  

I am close to riding the bevel.  The machine is bouncing due to out of balance stock.  But, if you get a chance to see how smooth it is becoming, you can appreciate the traditional tools.  Also, you can see the live center turning.  As I try to use the EWT rougher, you can see I am still trying to ride the bevel.  It is a habit and I will adjust.  I need to bring up the back end of the handle.  

Anyone who has a question, please feel free to post or PM me.  I will be happy to work out something that will make us both happy.  Please ask away.  

Artie, I tried to keep you in mind as I saw your post where you recieved your EWT tools.

Whereas the previous pictures showed a dead center, this is live center.  This has bearings in it and the tip and head spin.  I sometimes put oil in the back while the tip is down.  I hope the oil runs in.  These are found on various woodworking sites.  All you need to know is morse tape #2.  

There are 2 sizes of faceplates from Shopsmith.  This small one is about $25 each and I think the 6" is about $35 each.  But, shop around to see if you can save money.  Sometimes, if you are a subscriber to Shopsmith emails, you can get these on sail.  Also, while looking at woodworking sites, just ensure it is a 5/8" bore with a set screw.  You may find a better deal.  Or look for a used one.  If the screw holes and set screw hole are in good shape, you may find a bargain.  

Just a quick check to see how the alignment looks.  

Here's Chucky with pen jaws installed.  I have one pen mandrel that fits inside these pen jaws.  I did not show, but this unit also come with a worm screw.  My Chucky needs a good cleaning and lubing.

One detail that must be mentioned on Chucky is the adapter.  Shopsmith automatically includes it when you purchase from them, but you can get a much better bargain if you purchase it from Amazon or some other places if you purchase both at the same time to get the free shipping.  The adapter is a 1 X 8 tpi so that most any chuck will work on your shopsmith as long as you have this adapter.  For this demonstration, I could not get it off to show to you, but here is a link.

https://www.amazon.com/Teknatool-ISNS-5-Plain-Insert/dp/B009OLZEXY/ref=sr_1_3?crid=38I1Y0A4LOXZ3&dchild=1&keywords=shopsmith+chuck+adapter&qid=1597614171&sprefix=adapter+for+chuck+and+shop%2Caps%2C201&sr=8-3

Any chuck that will work on this adapter will work on your Shopsmith.  Here is mine installed. 

Also, various jaws can be had for the Nova G3 chuck.  They are easily found on various websites.  

I just remembered, that even the EWT chucks will fit on the adapter.  

Now, a comment or two about the tool rest. The newer tool rests with the banjo are much easier to use, but I have adapted and I do work with this.  If you don't have the banjo (a foot that sits in the middle of this table holder you see above) the following applies.  

This is something I did with a Sharpie. The CL is for the center line.  If you ever question that the drive spur and live center are out of align, you can set to this mark and eyeball to see if the two spurs are close enough.  While holding it here, you can make any necessary adjustments, but that is going to be rare.  I have a couple lines above the CL at about 1/16" apart.  It looks like more, but this helps me to quickly reference how high or low I want my tool rest.  

This is normally where I start depending on the gouge and the size of the stock being turned.

In the lower left is the powerhead with the quill showing.  On the masonite board are the tool rest, live center, dead center, box with faceplate, adjustment insert, and tail stock.  Of course the mighty and almost universal allen wrench is with the red handle.  It is 5/32".

These tubes go into the end of the way tubes or the end holder for the way tubes.  These collars can be loosened to allow for height adjustment.  There will be another picture to show how to the 2 spurs align.  Before we do that we need to make one other adjustment.

This is the adjustment for the live center holder.  Since I know where mine goes, it takes about 10 seconds to set and tighten the set screw.  Once you get this set, you will rarely every have to set it again.  

At this point, you can't be sure that it is set correctly so just enough force to hold it in place.  Time to set up the tailstock.

We are going to put the tailstock in place on the Shopsmith and make another tweak.  The silver roller underneath is actually both a handle and a tightening roller.  There is a screw in each end and when the roller is turned, the screws either screw out into the bracket or contract so it can be removed or the attachment can be removed.  I have mine set so while standing at the end of the machine, I can roll it up and tighten the attachment or Special Parts Tool (SPT).  

Now we are going to take a 15 second detour to the headstock to install the drive spur.

Unlike conventional lathes where you insert a morse taper for a number 1, number 2, number 3 or number 4 taper, you must use a drive spur with a 5/8" bore with a set screw.  Some will argue that the set screw must be a hollow point and other will say you need a flat point.  When I worked with dust filter equipment in Cleveland, OH, in 1966 to early 1968, we used hollow points where there would be a lot of stress.  I am not an engineer so I have to rely on what I was taught and it has worked well for me.  There are other drive spurs out there and I have my eye on a stuben? drive.  

Bring the headstock close to the tail stock, advance the quill on the headstock (yes, it, too, is backwards from conventional wisdom) so with the drive spur in place and the tail spur in place, you can see if the tips align correctly.  Now is the time to adjust the height, turn the swivel until the tips align from side to side.  Tighten all the set screws and you are done adjusting the tail stock.