I used to have several links to sites on line that showed the basic" How To".....Just go to google or what ever and type in Engine Turned, or Engine Turning and pick thru the list.
I can say this, I have personally tried it at work, just foolin around on sheet aluminum. It takes lots of patience, and a steady hand on the drill press handle. You MUST keep the same pressure on each stroke or you will have heavy marks and light ones, so practice on scrap pieces.
As for the bit.....you can use anything that will leave a mark. Ink erasers, small round brushes, sanding patches glued to wooden dowells, wooden dowells bare, wooden dowells with a little toothpaste, or polishing or rubbing compound, There are also "kits" that you can buy I think.
Just experiment around with stuff, you'll get the idea.
Good Luck ! "BH"