Here's how I go about modifying the ends of small screws...
A brass 'collet' is made for each size of screw by tapping a short slug of brass with the required thread and then milling a small flat on the slug. The screw is then threaded through the collet and secured in place with a lock nut. The collet is then inserted into a steel tube and locked in place with a set screw.
The whole assembly is then stuck in a 5C collet on the lathe and the required work performed. (The picture shows a dog point put onto a 2-56 screw.)
The brass "collets" are easy to make and, over time, you'll acquire a collection of them to fit the screw sizes you use most frequently. They're a handy use for the uselessly short bits left over from stock rods.
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