Wild hair idea, half baked:
Cylindrical sleeve nearly as big as hole to be cut, with eccentric bore, close fit in holder.
Boring bar close fit in sleeve's eccentric bore.
Cross feed at bottom of hole by rotating sleeve in holder and boring bar in sleeve at the same time, moving the cutting edge radially inward. Maybe you can do it with just levers, maybe you need gears.
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The other choice is cutting the bore and radius with the outer corner of a wide tool in the end of a fat boring bar. I.e. the end cutting edge extends across half the bore.
Either way, getting the center cut relies a lot on luck.
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Speaking of which, maybe you could just use a fat center cutting endmill as a boring tool.
Mike Halloran
Pembroke Pines, FL, USA