A couple of years ago, I bit the bullet and shortened the tapers on all of the drill chucks I use in my 7x lathe. After I was done, I had several tapers left. Since, like everyone else, I use a center drill quite often, I decided to drill one of the tapers out to hold my most often used center drill. I posted a picture of the result. The only caveat is you need to verify that the taper isn't hardened.
What made me think of this now is I saw a video of a guy with his mini-lathe and necessary accessories this week. He had two chucks he used for different sized drill bits and two he used exclusively for his center drills.
I buy what I need, but I'm not known to spend more than absolutely necessary. To me, tying up a couple of drill chucks just didn't seem like a good use of funds when there is such a cheap alternative. Not only that, a drill chuck takes up more space and is longer.
Of all the videos I have watched and all of the forum entries I have read, I have never seen this before, so I thought I would pass it along. I know that an item similar to this can be purchased, but it cost almost as much a a drill chuck.
Steve Fox