Hi Alan, That is why I would suggest using a milling machine, if available, and if you are able to set the shaft up between centres on the table. Instead of using a long bendy parting type tool with excessive overhang, you can use a slot drill that is nearly as big as the width betwen the webs. Even if you find you need a long series cutter it is still a more rigid cutter than the parting type of thing, so less prone to disasters. I have tried this both ways…the first one I milled was for a Stuart Double 10 on a Unimat, using the milling attachment. The rotation of the shaft was controlled by hand by turning the normal drive pulley, which is OK in that sort of size. (the motor was on the milling attachment and the lathe pulley was just used as a handle.) For larger ones like my launch engine, you want a more positive control, I had a Vertex dividing head by that time.
The shaft is set up in the same way as it would be for turning, eg between centres, with throw pieces when doing the big end, and with spacers clamped between any other webs or between the web and the throw pieces when doing the big end. Actually you could do it in a lathe if you had one of those handy milling attachments that goes on the cross slide.
regards
John