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WT Tools and Enco carry “tool bits” in round and square a farily reasonable prices. Ie at WT tool in square stock ¼ X 8 HSS is $2.25 or ¼ X 6 HSS 5% cobalt is $4.50. Eight inch is the longest they carry but even 6” length gives you lots of tool usage.
http://www.wttool.com/index/page/category/category_id/15887/

Most woodworking tools are M2 HSS. This is the about the lowest classification for HSS but works fine for woodturning.

If you have a dead drill (or see someone throwing one away) it is easy to make a handle. This is a ¼” chuck from a $2.00 yard sale drill.
 

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