Hi Moby Duck
Yes you could make a reamer starting with a MT drill shank, I think it would have to be a carbon steel one for heat treatment not HSS.
I used this idea making a tailstock Die holder arbor from an old drill by boring out and fitting a shank, I think you would have to do this to get a workable length for milling.
The lathe is four years older than me so I feel younger when I use it, the worst damage it had was 2 teeth missing from the back gear bull wheel, usual freeing a jammed chuck syndrome, repaired now just a little noisy
Regards
Olderdan
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