Chris,
I think the carnelian ball beads were made on what is called a ball mill, most of the ball beads being made in China have been made this way for years. I did see them making ball beads one at a time with turquoise in very rural China in 1987, they were using a spinning metal tube and dribbling abrasive with on hand and turning the bead with the other, worked quite well but slow going.

Regarding the chatoyant stone, it looks like your guess rainbow obsidian.

All my best ......... Danny

My guess on the age of the piece 1980