The bit works perfectly now, but I had to fiddle with it a bit before I could use it. The black ring that secures the bearing has a set screw that secures it to the shaft. This yoke appears to be a bit loose on the shaft, which in itself is not a problem, but the loose fit causes some wobbling of the yoke, the highest point being where the hole for the set screw is. In my example, this vertex was larger than the radius of the bearing itself and would have touched and damaged my drawing as it rotated. I put the drill in the lathe and removed a few thousandths from the tip. Once I did that, the bit worked fine, but it's not necessary.
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