Leslie Gossett wrote: (clip)If it negates reversing the lathe, that will save a bundle! (clip) ^^^^^^^^^^^^ It may not cost a "bundle." DC motors are easily reversed. Three phase motors are easily reversed. Many induction motors are easily reversed. Some induction motors require disassembly and fooling with the wiring, which I do not kinow how to do.
There is a another reason for reversing the rotation besides sanding. I often run my lathe in reverse so I can cut on the inside of a bowl on the side away from me. It is easier to see, and allows the tool to be held in a more comfortable position, without leaning over the lathe.
As far as unscrewing is concerned, if you really cinch down on the chuck threads, it acts like its own jam nut, and will hold quite well. I have never had mine come loose. My lathe allows me to bring the speed up gradually if I think the inertia could unscrew the work.
You could drill and tap for your own setscrews, but, unless your spindle has a groove like One-way's you stand a chance of marring the threads with the end of the setwcrew, unless you insert something soft ahead of the setscrew.