There is a recent thread somewhere on SoS where builders have posted their various techniques to shape and taper mast, yards, gaffs, etc. For my Polaris build, I used calipers to measure various diameters of these pieces along the length based on the 1:1 drawings. I chucked the round stock into a drill motor. As the stock rotated, I had a couple of sanding blocks on either side and moved the blocks back and forth stopping periodically to take measurements. I used different grits of sandpaper (100, 220, and 400). Crude? Perhaps, but the end result was satisfactory and much less expensive than a lathe. Make sure to either allow extra length to the stock or wrap tape (low tack) around the end so that the drill motor jaws don't dent the material.
...henry