I decided to try this lidded box thing again, this time using the "cheating" method. I chucked up this magnolia blank, about 5.5"D and also chucked up a 4.5"D sawtooth bit on the tailstock end. Slowly engaged the bit and work it into the blank about 2"+ deep. Had to hold the jacobs chuck with a set of channel locks to keep it from spinning due to the nature of the wood, size of the drill bit, and torque. Surprised, had to do very little scraping on the walls to get smooth texture.
Base is Magnolia with a Cocobolo cabachon to hide the drill bit pilot hole. Lid is Cocobolo. Not the best color contrast, but I guess I can always use the pieces when I find a better match. Finished with 2 coats of BLO. www.perfectwoodworks.com
Beautiful piece of wood and well turned. A tip: Once you have the hole started with a saw tooth bit back it out and remove the pilot bit or, if that leaves a "dowel" in the center pull it back so it is slightly behind the cutting edges to eliminate that hole.
The pilot hole I was referring to is the little spur at the end of the bit. Only way to remove it is to grind it off, permanently.
BTW, thanks for the compliments.