An ML7 will cheerfully take 100 thou deep cuts all day long. That knocks .200" off the diameter. So five passes and your 5" backplate is down to 4" inches already. Couple more and you you are there at 3.5".
You will probably need to use top backgear at that diameter with HSS tooling. Or use carbide xxGT inserts and run a bit faster, maybe 200rpm (lowest non-backgear) and really shift some metal.
Won't take long at all. Making swarf is what lathes are for. The finished job is just the leftover bit after the swarf is successfully removed to its rightful location in the tray. The backplate is only, what, half-inch thick? Not much swarf at all over that length. Keep your fingers away from it and used a suitable old screwdriver bent over at 90 degrees at the end to safely hook swarf curls out the way as you go.
Another trick, if it is cast iron not steel and so firing off little fragments of swarf all over the place rather than long curls: Take a piece of cardboard (side of a fag packet is traditional), stab a hole in it with a pen or tool bit and slide it over the lathe tool bit shank so it forms a little shield that stops flying fragments going all over the place. Works great on brass and helps with cast iron too.
Edited By Hopper on 12/05/2023 13:10:08