If you have a router and want to save some $$ over the Veritas dowelling jig to turn shafts from wood, I have tried the following home-made jig:
http://books.google.com/books?id=CYy5hoY-tZwC&pg=PA203&lpg=PA203&dq=the+precision+dowel+maker&source=web&ots=GJYCljrJj_&sig=QuL06SuouzzhX0kPlpK8h-StDvY#PPA202,M1 (same idea but differnt implementation of the jig
http://lumberjocks.com/topics/193 )
Yes, you will have a lot of saw dust from this and needs a lot of sanding. But that's fun to make your own jig and shafts. To make a matching dozen of shafts you may need to turn 4 dozens of wood.
The dimensions I used are slightly different comparing with what's given in the link:
(Shaft size)______(Entry)_____(Square)
5/16"______________3/4"________1/2"
11/32"_____________3/4"________1/2"
23/64"_____________3/4"________1/2"
a different set to use is:
5/16"______________5/8"________0.442"
11/32"_____________5/8"________0.442"
23/64"_____________5/8"________0.442"
Drill bit price at Lowes
5/16" Hitachi, $4.07, L=4.5"
11/32" Hitachi, $4.77, L=4.75"
23/64" Hitachi, $5.17, L=4.875"
3/4" fostner, Porter Cable, $9.97, L=3.75"
5/8" fostner, Porter Cable, $8.97, L=3.75"
I Stacked 3 piece of 3/4" maple board to make the jig.