Originally Posted by
Toolmaker51
This is operation is known as honing. The results are suitable for a low speed shaft/ bushing combination.
An improvement would increase the rod diameter [wood dowel is fine] so only 1 or 2 wraps encircle the rod [mandrel], delivering more pressure to the diameter being worked. That also reduces misalignment to bore. Use cutting oil, the mandrel will do admirable job chucked in a drill press.
The fastest cutting is RPM producing 45° grind lay while stroking straight axis forward and back, without letting the paper bell-mouth entry or exit.