We have a setup like that, but not Suburban. Uses holder like a boring bar and triangular insert. Works OK on steel, great on aluminum. Does what most big tools do in Bridgeport type mills, the inadequacy for heavy work. But that big shopmade cutter was Bridgeport only, so...
On center is the ordinary and common approach. Never seen proof that is THE combination.
Like the 'balancing cut'; a solid cylinder with a little projection is better balanced, than a odd shaped whatever - projection included. Flycutting is about good bearings, inertia, usually a high feedrate, with a cutter holding it's profile for an entire operation.