Something that is usually missed in these talks goes beyond what you read. Just going out and buying a new machine that is ready to go cut drums will not get you an accurately cut drum.
Feel and Intuition based on experience and knowledge play a large part in making accurate cuts. A person with feel and intuition can make accurate cuts in worn machines and a person without can make inaccurate cuts on a new machine that is dialed in.
For example, there seems to be two different methods of centering. Some are using tapers cones and would like to chuck the rear up on the axle taper surface. I used the Barrett plug that centers using the bearing. There are really several ways to do the job right as long as you know how to control the variables so you can repeat the job.
In my case I did not just assume the plug would properly center. I already knew that outer bearing surface was factory in diameter, there were no major dings on the flat perpendicular surface (the plug rest against the surface), and the bearing rollers were standard size (yes I would even check a new bearing).
If you do not check all the details you can end up with an out of center cut on a perfect machine. Brents idea of making a taper is a good idea, but tapers can be messed up too and you would need to check the taper surface. Realistically one would have to fix that taper before considering the hub as useful before you get to the point of putting a drum on it.
As pointed out using a taper cone works, but you must make sure the edge at the bearing is not beat on or deformed.
The ultimate goal for the rear hub is getting the drum in center to the center of the rear bearing race. The race is what will be centering the drum on the car. As long car you can repeatably make that center then you are good to go.
The front hubs I used never had spun bearing races. You MUST take the races out and make sure the surface has not been spun on. If the race has spun then you will have a loose bearing and need to consider if the hub is usable. You can tell if a bearing spun by the area being polish and missing machining marks. I had one hub where the race could be walked in and out by hand it was so loose.
Again, any repeatable method to get the center line of the hub to the center line of the drum works. The Barrett used a rounded face that is put against the face of the race which will put you at center.
I should point out I used all the standard Barrett tooling because I had it and it I could prove (to myself and my brother) I could repeatably set up the machine accurately. The adapters for the front hub had some damage on the rounded edge that touches the bearing race. I very accurately set them up on my lathe and dressed the working faces to ensure accuracy.
For the tooling and using other tools. The some of the Barrett adapters had a 1" ID and needed a spacer to get to the .680" needed for the shaft, see the picture above. Modern adapters may use a 1" hole and all you will need is that adapter to make them work.
To really cause trouble
Craigslist in my area regularly has South Bend 9" lathes in the $400 to $1200 range with enough tooling to make the adapters. It is really handy having a SB 9" to make up stuff. I have made up a bunch of little things that you just can not get and they make restorations easier.
Now I agree 110% about aligning on the front hub/drum using the existing bearing races ( ...except for ones that have been MacGuyvered after the bearing race has spun.
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