I've got everything for you and your grandma to get started in chip carving. My specialty is helping beginners learn how to get great results with their chip carving. The My Chip Carving Store is at http://www.mychipcarving.com/Chip_Carving/Store/store.htm where you'll find stab knives and much more.
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Make some chips,
I have a Buddy in a machine shop, he did the work. We cut the tube to length,then turned it down on the lathe to fit the head of the drillpress. My drillpress does not have a key way, but to make one would take a lot of work and money. Drill speed was 540 rpm. I should maybe speed it up to the next setting 880rpm.