My current putzing around project with the lathe is to make a handle for a lathe chisel (parting tool, to be specific). So the shank of the chisel is 1/2" and so is (presumably) my hole for it. The chisel is a sort of slip-fit, it slides in without undue pressure and I have a collar for it once finished (1/2 of a 3/4" copper union). The collar will be a very tight fit, but I'm wondering about how tight the shank should fit in the hole. Maybe you're supposed to put a little epoxy on it when inserted??? Or do i need to try and get a tighter fit?

I had a bad catch on an Easy Wood Tool mini hollower and broke the handle. Just for my own curiosity, I disassembled what was left to see how they were made. The copper ferrule had a pin from the outside thru the handle and the shaft of the tool. I don't remember if there was epoxy involved as well but it couldn't hurt anything unless you were planning to disassemble the tool later. This is what the EWT unhandled tools look like

I use thick epoxy to fill any gaps.  I put enough in so that there is squeeze out that covers the end grain.  I also use epoxy in the ferrule.  

 

I like the pin idea, I may use that next time.

 

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If the lug on tool is round just epoxy in place. If the lug is flat the split a dowel to lay on both sides and epoxy, For more detailed explanation look at Thompson Tools website. Doug has a guide for making a handle. 

You could take a coping saw and make a slit where the ferrule will cover.  The tight fit will help clamp the wood around the shaft.  Being it is a slide fit I would use epoxy too.

This is a Thompson parting tool, and while I have his handle for it this is more about me trying to learn to do things on a lathe. It's unlikely I would be able to drill a useful hole for a pin through his steel, though that sounds like a good way to do things. I like Dan's idea of a split in the end. But I'll probably use epoxy (if the rest of the handle turns out to be usable, the shape and whatnot.) Thanks guys!