Now that I saw how that fly cutter looks like (the name here is completly different), I think that tool could be easily home made to mount lathe bits. I just have one question, I saw that all fly cutters , they are excentric meaning the weight is of center, how does that effect when turning like 1000 rpm, would that vibrate? But if one would be made with not extremly big diameter I think that shouldn't be too much problem. I realy gotta try making this because it is very simple, and it is a great tool for surface milling.
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