Gotta say, Kenny, I'm personally a huge fan of my Jacob's chuck with the #2 morse taper and my fostner bits. I also have a 1/2 inch twist bit mounted in a long handle that I can use for depth setting holes. If you start them out centered (cut a tiny center hole with your gouge first), twist bits tend to true themselves nicely. I've heard that brad points work even better.
For ease of making a depth hole or starting a hollow, spend the 10$ on a nice 1/2 inch twist bit with a 1/4 shank, mount it in a length of hollow stock or just a handle, and you have a very quick drill setup that doesn't require any fancy manuevering or changing of parts on the lathe.
IMHO,
dietrich