How big is your Rikon and do you have future plans of buying a larger machine or metal lathe? If your lathe is not a mini lathe, you could get a 5c collet chuck and adaptor plate from little machine shop. Then you can get a set of 32 collets for only $89 on ebay..that's a collet for every 32nd of an inch starting at 1/8 I think..or something like that. It's a big set up, heavy duty. The one big draw back with a PSI or a Beall is that it is possible for a collet to slip, which in turn can damage the chuck. A 5C collet chuck can not slip because the collets screw in as they draw back. And then you can get all kinds of other really cool 5C accessories like expanding collets. You can also purchase a 5c collet indexer jig, which is a separate device from the lathe. The jig thing is easy to find in the $40 or so range and you can use that to take your pen with collet to a mill machine or you can mount it to a table and router a pen. That makes the collets serve multiple purposes, no doubt more than I can think of.
There's no question, if you want to put a straight hole right down the center, then a collet chuck is a must have.