I make all my own reel seat inserts for my bamboo fly rods. You don’t need an expensive lathe, I just use an old craftsman lathe. But, if you’re going to put a mortise on your reel seat, I’ve found that you need a good router table. The precision of the mortise cut is very important or you’ll ruin the insert. I make my cut on a Rockler Router Table with a convex edging bit, sometimes called a finger nail bit (http://www.rockler.com/product.cfm?page=5713). After final sanding, I put two coats of shellac, followed by 8 coats of a high quality tung oil finish, and then a couple of coats of wax. Here a little video of my building process..I hope you enjoy it: