You ever hear of a dummy block? I use to use one all the time, like in this photo.
Attachment 154141
That's just a scrap piece of wood that I glued my African blackwood to. Allowing me to use a basic face plate secured with wood screws into the dummy block. Bring the tail stock up into the piece until you have it shaped. Then remove it to bore the desired size hole for your knot to go into. Just take your time with turning the knot hole though. The glue I used is a CA glue with a spray activator, so it sets up instantly. Hot glue also works. Sand it going through your grits, and cut it off with a parting tool. I like to leave a few milometers of scrap wood on the end and sand it off until flush.
As for some other tips, keep your RPMs low until you have it round, then increase it to a level you feel comfortable with once it is round.
Always keep your tool rest close to the work piece, but not too close. I like a 3/8 space for example. This means you'll have to constantly adjust as you work. Keep the height of the tool rest so that your tool is at the equator of the work piece, or slightly higher.
Keep your tools sharp. If you have to press the tool against the work piece for it to cut, your tool is dull and needs sharpening.
Make sure all the leaver locks are snugged tight before you turn on the machine. I've forgot to tighten my tool rest completely before and it hit the work piece and destroyed it.
Watch the dust from those exotic woods, they can cause lung problems. Wear a mask.