I agree with Daniel, that a screw-type press gives better control. I know that there are plenty of folks out there who have had great, long-term success with lever-type presses, but I keep having visions of doing the final assembly of the Perfect Pen, which I have spend half my life on, then have the kids decide that it would be funny to sneak up and say "Boo", or the cat jump on my back, or the compressor unexpectedly cycle on. One twitch of the hand on the lever, and my Perfect Pen is a collection of Perfect Toothpicks.
I've always just used a bench vise for a pen press (during my long pen-turning career of about two months), and have had no troubles at all. With no support under the pen, you have to be careful that things are lined up straight, but I've had no disasters yet. The only problem with this setup is that it's not portable.
Not being one to be satisfied with a good thing, I started thinking (and reading) about alternatives. For a pen press to be useful to me (YMMV, of course), it would have to (1) be a screw-type, not a lever-type, (2) support the pen and keep things aligned, (3) be portable, (4) be easy enough to make that even I could make it, and (5) be inexpensive.
While wandering down the aisles of my local HF, something caught my eye. $7.20 later, here's what I came up with:
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1. It's screw-type. Since the screw is 8-TPI, one turn is 1/8", a quarter turn is 1/32" (more or less--I wouldn't bank on the absolute accuracy of HF tools)
2. The cradle supports the pen and keeps things straight. If you need more support, you can add a second cradle, or substitute one that's longer.
3. It's portable, but can easily be clamped to a bench.
4. If I made it, anyone can.
5. Cost is $8.99 for the clamp ($7.20 with a 20% off coupon), some scrap wood and a little time.
Okay, remember I'm new at this. No doubt I'll get a hundred responses from people who have done this before and can tell me why it won't work. But hey, it works for me. If it inspires or amuses anyone else, my work here is done.