Visited my local industrial woodworking tooling expert yesterday. (Woodtech) I asked them if they carried any tapered carving bits. They gave me a catalog from Forest City that had a Pod bit. They are made of M3 steel, tapered, and are in sizes down to 1/16".
They are the bits of choice for the old school multi-spindle carvers used in furniture plants. I want to try some carving soon and wondered if anyone here has used these bits.