This might work if you can live with chuck
marks on the ends of your dowels. Of course,
there is always some danger in working with
power tools, so I accept no liability for
your interpretation or use of this idea. It
would be a lot easier to explain if I could
draw a picture.

Take a piece of steel strap about 1/8" thick
and large enough that you can bolt it down
with a portion of it covering the center
hole of the drill press. Bolt it down, and
drill a hole thru it of the size you want
the final pieces to be. Then use jeweler's
files to cut two or more notches inside the
hole, like circular saw teeth, only inside
out. They have to be angled to cut the wood
as the drill press advances it into the hole.
Then chuck up a piece of the wood, and run
it into the hole with the teeth in it. You
need to be able to get it at least half way
down, then turn it around in the chuck, and
do the other half.

-- J.S.