One of my first jobs after getting the mill was to make a spud so I can strongly endorse Rick's project and the utility it provides.
My first one was made from CRS and had a dead sharp point. The problem was that such a sharp point was weak and a bit too much pressure distorted it easily. So I switched to drill rod and a slightly blunted point which I hardened.
I didn't bother with the steps but they're a very good idea, especially if you're using the spud with collets. An example thereof would be "drilling" a flat-bottomed hole with an endmill. Endmills should never be held in a drill chuck; the chuck can't get a grip on the hardened shaft of the tool.
Make some. You'll find them very useful.

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