Thanks Guys.... Here's how I did it: I used a small Delta drill press (On Sale at around $50-60 dollars), and drilled the hole for the dowel is a piece of 1x1 basla (I wanted to use a way oversize hunk of balsa for my first attempt). Then I glued in the dowel with super glue and cut a bit of each corner of the balsa block off. Then I chucked it and began turning. I used one of my favorite hobby tools: a Finger Nail sander/buffer. This is the modern version of the emery board and you can buy them at any place that sells finger nail polish and associated girly stuff. They vary from about 3/4" wide to 1" wide and are very useful. Wal Mart has good prices, but we have a local 'discount beauty supply' shop where I buy them for .75 to 1.50 each depending ion the 'grade' of the sandpaper. They come anywhere from the equivalent of coarse '150 grit' to a buffing '1500 grit'. Some are all one grit, but I also find the '4-way grinder buffer' to be very useful. I used the coarse for rounding the balsa block, then the medium for general shaping. As I got closer to the size and shape I wanted, I gradually reduced grits until I was down to the polishing/buffing stick, and the cone is smooth, smooth, smooth.
Oh yeah, I first made the shoulder to fit the BT-5. Of coarse, after spending 1/2 hour trying to find my caliper, I just slit a 3/8" long piece of BT-5 and used that as gauge, slipping it over the balsa shoulder until it fit. Once the should was finished, I put some tape on the slit in the bt-5 piece to hold it in place, and protect the shoulder as I worked the shape of the cone.