You can deepen the centre of the seating stem with a lathe -- but just as readily with a drill press.
1. Put 3mm drill into drill press the wrong way, cutting end up.
2. Lower drill bit down to vice and clamp onto shank of drill bit. Fix vice to table in that position.
3. Loosen drill bit from drill head and raise the head back up.
4. Attach seating stem in drill head, lubricate the drill bit, start the drill press on slow speed, and lower onto lubricated drill bit.
[BTW, to minimise drill wobble, (1) seat the drill bit as deep into the vice as you can, just enough drill bit protruding as is needed for the hole. (2) Also seat the seating stem as deep in the drill press head as it will go.]
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