I am drilling a series of deep, wide (for the sherline) holes. I want to use a bunch of drills whose shanks are larger than 3/8", the max Sherline chuck size. Is there a way to mill down the shank on a lathe so that it'll fit in the chuck?

What I mean is, do I need carbide bits? Will HSS do it? Or is this a basic impossibility with this machinery? I'm trying to avoid buying a new set of bits, when the set I've got may do the trick.

Thanks in advance,

B2

PS: In Sherline's documentation on carbide inserted bits, they specifically say you can't mill down a milling bit, so things may look a little bleak... but I'd love your opinion.