I made up a 5/8 arbor with 2MT only about a week or so ago. Very simply achieved.
A blank arbor, drilled and bored in the lathe; over-sized steel bar turned at the end to the size required to fit in the arbor – you choose for shrink fit, press fit, or loctited; turn down the bar to size; sort out the other end to fit the mill. Pin in place for a belt and braces approach! Make spacers and the job is done.
Mine was actually for holding reamed gear blanks while cutting the teeth, so held in the rotary table at one end and supported, by the centre, at the other. Making it suitable for use in the Centec, if ever required, was just a sensible extra.
For cutting several gears at once it needs to be straight and true, but I daresay the error over a single 16mm wide gear is next to nothing at the worst, as the gear has to be located far enough away from the rotary table so any run-out is diminished towards the centre.
Question might be : Are these cutters 5/8” or 16mm? There is a subtle difference. Most modern involute gear cutters are 22mm, not 7/8” – again different enough to matter.
I might even consider using my 2MT >>>3MT sleeve to extend a cutter further over the work if necessary, but only if I ever needed it.