Machined-in-place collets are nothing new but it gets tricky when the center hole is too small to true up with a boring bar. One solution is to make a "Crush collet". This approach can be used with any hole that can be drilled and, if desired, reamed.
If you are interested, please see
http://rick.sparber.org/CCWW.pdf
Your comments are welcome. All of us are smarter than any one of us.
Thanks,
Rick
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