I wanted a good set of dividers for laying out my dovetails. Lee Valley sells a set for ~$20.00 US, but instead of buying them, I decided to make my own from what I have laying around the shop.
I ended up substituting the pencil in a compass for sharpened threaded rod and saved ~$20
I took a small threaded rod and, in my drill press, I used a file to form a sharp point. This worked out really nice.