If yo know the thread on your new long setscrew, why not turn a simple cylinder, drill and tap to match the thread.
Screw a nut onto the setscrew, followed by the tapped cylinder.
Place the " cylinder" about 50 mm from the end of the bolt and lock in place with the nut.
Hold the hexagon in the 3 jaw, and place a steady around the "cylinder", to do what it says, to steady the job.. This will act as a bearing, which you can lubricate, while you turn down the first 40 mm of thread, and chamfer the end
Once that has been done, unlock the cylinder and remove it and the locknut.
You should now have what you sought.
Howard