Many a horizontal mill has been used as a lathe in the past. Nothing wrong with the concept when used with care.
Will 7″ fit between the spindle centre and the top of the Y-axis dovetail on the knee with the knee at its lowest?
What is the slowest speed at which the mill will turn? Does that give a slow enough surface speed at 14″ diameter?
It will need a good riser block to bring the cutting tool up to centre height.
Having the 30 taper will in some respects be a better starting place than the other option of 2 Morse (larger, stiffer).
Having the 30 taper will in some respects be a more difficult starting place than the other option of a 2 Morse. A 2 Morse to Myford thread arbor is cheap and allows easy mounting of pre-existing chuck or faceplate.
It is difficult to find the equivalent of a soft, blank arbor in 30 taper. For a one off, maybe put an ER40 chuck in the mill taper and then make a straight-shank adaptor suitable for your chosen faceplate or chuck.
You might have to make a 30 taper shaft and weld a round plate to it to make a faceplate. Truing it up will be a test run before you bolt the aluminium to it for the real job.
If you find a 30 taper to D1-3 adaptor on your travels, please pick one up for me.
If the mill-as-lathe does not work out, it might be possible to use a horizontal rotary table powered by a cordless drill and a flycutter in the vertical head for facing (the finished surface would look as if it had been Blanchard ground). The difficulty would be the 3 1/2″ radius (7″ diameter) that the flycutter would need to sweep without hitting the column of the mill.