I occasionally need to reduce the OD of shim washers. ordinarily If the inside Diameter is large enough I could simply chuck on the ID with a small 4 inch diameter 3 jaw chuck in the clutches of the 14 inch diameter chuck on my smaller Leblond lathe. However with so much of my stuff packed away for our move I couldn't lay my hands on the little used 4" chuck.
I needed to turn the OD of a couple of .062" thick 1.625" ID shim washers.
I had a 1 1/2" bolt laying around with 2 nuts so I tapered one side of each nut then chucked the bolt with 1 of the nuts screwed on leaving enough so the washers and outer nut could be screwed in place. This worked just fine since I didn't need a perfect concentric ID to OD