Hokay so I am slowly improving. Still dropping the spindle when I get too carried away trying to draft out, but the thread is thinner and more regular.

Oh but I wish I could try a spinning wheel! Out of the question though; not enough room, and certainly haven't got the spare several hundred pounds.
I looked at Charkhas which are a simpler kind of wheel where the wheel is turned by a handle. They are much cheaper (available from about £100)  but they require one handed drafting (thinning the fibre as it takes the twist) and I am not up to that yet. (Every attempt at one handed drafting results in broken thread.)

There is however a third option....kick spindles. here's one:
http://www.youtube.com/watch?v=kKXca2l0RPo

They are available from about £85 and a much smaller. You turn the whorl with your foot so use both hands for drafting.

So I have decided to try and make one out of....
a brush handle, 2 cardboard tubes, a cardboard box, some gaffa tape (or cheaper alternative from Wilko) and dough.

Yes I said dough.

The trickiest part of the thing is the weight at the end and I thought I'd try making it from salt dough.

If that fails, I have some barbell weights that may serve if the handle will fit in their central hole. This will begin tomorrow.
.......................
Possibly.

Watch this space.