So, all of the references I find about this thing on the net says that the tool post is set up for 5/16" tooling. If I put 5/16" tooling in it, and make it touch the center post, the screws that hold it in place actually come down on the outside edge of the bit. Also, the centerline is about 1/16" too low.
Is it possible that this tool post is designed for 3/8" tooling? How does one tell? The manual it came with doesn't say. :)