Join Date: Apr 2012
Location: Central Coast California
If your shop happens to have this specialized reamer (larger shops will, smaller shops won't), the setup shouldn't be much harder than drilling and tapping a hole. You drill the hole normally, then work the reamer in with a hand tool.
If you don't have access to this reamer, and you're willing to tinker, maybe buy Morse taper "sleeve" ($6.50) or "holder" ($31) from Grizzly, then figure out how to bolt that to the rest of the contraption.