I bought the veritas 3/8" dowel cutter about a year ago, and had cut some dowels. But they where just to big and to much sanding to get them down to a 11/32" until now!
You can run a 1/2" square stock through the dowel cutter.
(http://i95.photobucket.com/albums/l138/onemississipp/arrow%20shaft%20maker/DSCF1191.jpg)
To make it easier turn one end just enough so you can chuck it in the drill, then send it through.
The shafts come out a little "hairy", but then run them through the shaft reducer, that can also be used to barrel tapper. * my take on this http://www.tradgang.com/taper/
(http://i95.photobucket.com/albums/l138/onemississipp/arrow%20shaft%20maker/DSCF1716.jpg)
Goes in a 3/8" and comes out 11/32", you can adjust to size also.
(http://i95.photobucket.com/albums/l138/onemississipp/arrow%20shaft%20maker/DSCF1715.jpg)
The shaft on the left just came out of the dowel cutter and the one on the right just went through the reducer with 180 grit sand paper.
I'll get more pics up later......
NEED MORE PICS......AWSOME!!!!