For my sins I just went to B&Q for a bit of steel and ended up with 1 metre of 10mm(ish) threaded rod as it was the biggest solid rod that they had that would still fit my drill chuck.
I used my plumbing blowtorch to heat it and after a bit of hammering, grinding and tempering it looked like this.
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bit rough but I had a go at drilling a hardwood log that was about 3" thick and it made light work of that.
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a good result and easier than I thought it would be. Also an awful lot cheaper! Sadly, it turns out that it's no use for the job I had planned for it (just can't get the angles right to drill through the things I want to drill through without going through the roof) but that's not a fault of the drill, just the geometry of the location that I'm dealing with.
My thanks to Colin Bignall for the suggestion.
Tim