I misused an electric drill to make a temporary lathe.
Using the drill and some scrap wood, I could slide the drill up and down in line with the bit. Very carefully, you can drill holes straight along PTFE or PEEK rod to make an insulator.
I managed to drill a nice straight hole through the PTFE and PEEK.
It seems to work for plastics: I'd definitely get a more secure setup before drilling brass or steel bolts. Even this hacked-together setup is more accurate than (my) drilling 'by hand'