My first project for the 7x12 lathe was to make a magnetic mount for a dial indicator.  I stole the rare earth magnet from a worn out computer hard drive. These magnets are very strong, you don't want to get fingers in between them and an approching ferrous object. The bar stock was from a junked computer printer.  A carriage rail.  The bar stock was very nice to machine.  I cut it about 1 3/8" long but could have made it perhaps a 1/4" shorter.  Then I faced, drilled and tapped both ends for the 8x32 flathead screws as shown. The facing is what I usually have problems with, finding the center, and chattering but I center drilled it first, making center finding less critical. The magnet sticks very well to both the ways and the tailstock (Ala Varmint Al's web page.) but needs to be kept clear of chips. (They do get everywhere don't they). Next time maybe I'll make an adjustable mount of some kind. This obviously wasn't very challenging but it was free and satisfying for my first time out.
      
Terry Jason
Orono, ME