Hi Paul, ~Yep ! used and made lots of them in the past on both radial drils and bench / pillar drills, you must of course clamp your work to the table.
Might even have one somewhere ??? but most stayed in the stores if made for a dedicated job, but we made them mostly for convenience from silver steel, you can use BMS just as well.
As Clive says the mandrel must fit the hole and be passed through then the cutter inserted , we used round HSS and often used old damaged centre drills ground to an appropriate form and locked in with a grub screw in the bottom of the mandrel. Always a fiddley job !!
John