Here is probably the best way I have found to make arrow shafts. I have modified the design to accommodate a compression block as the first block the newly cut shaft passes through, if one is careful of their feed rate shafts come out with a clean compressed finish and are ready to seal.
[link=http://www.highlandwoodworking.com/dowelmakingjig.aspx]dowl making jig[/link]
Video showing how it works
[link=http://www.youtube.com/watch?v=9lF2YXLdoiY]video[/link]