If you want a free option...

I've occasionally used my mill as a CNC lathe, like this:
http://www.youtube.com/watch?v=4wGDMSiZpyg

(It was just a test, I don't actually want to make chess pieces!)

I did the code for that piece by:
Drawing it in CAD program.
Contour the profile and join up the ends to create the toolpath
Export as dxf then open in Cambam (the version for milling).
Use 'engrave' funtion in cambam to create toolpath that follows the line.
Change the lathe axis definition in Mach3 to X and Y, ignor Z.
(Optional) Open code in notepad and use find & replace to remove any Z moves to stop it pausing.

There is one problem with this method which may be significant. If you just draw the toolpath by contouring the part then you don't compensate for the radius on the cutter. So clearly if the part is just aesthetic this may not matter, or if the tool has very small radius/sharp point or if the angle of the surface you are cutting from the axis of rotation is small the error is less significant.

Cutting and pasting wizards sounds fine.