Your proposal sounds great and it would appear that you work in both metal and wood-working disciplines. Based on what I believe you are proposing it would only require machine/fabricating an arbor with the proper wood screw thread profile to hold the wooden stock.
The Lantern Chuck is probably most useful in the model and clock making environment where the fasteners can be exposed and impact the general appearance of the project.
This device for general hobby use provides the ability to modify fastener length as well as the point, flat, dog, cup, cone, etc. Much nicer finish that the crude method I’m sure we have all employed in the past with the added benefit of getting exactly what you need for your project.