Here is how I've done it:

Lay the bench top drill press on it's side and use it like a lathe.

Chuck a wooden dowel and stretch some rubber surgical tubing over it.

Stretch the other end of the tubing over the ferrule, bringing the tip of
the ferrule almost snug against the dowel.

Make a V block device, using soft adhesive backed felt in the V notch to
protect the finish of the rod. (For good measure, wrap the portion of the
rod that will spin in the V block with masking tape.) Clamp the V block to
your bench, located so it contacts the rod just above the winding check.

Wear a soft cotton glove on your non-working hand, and use it to gently keep
the spinning rod from flopping out of the V block.

Let 'er fly and shape with 100 grit sandpaper. Finish with 220, then 400
grits.