Brilliant idea, can possibly also be set for tapered threads. I'm not too sure about whether the helix angle is required if there is sufficient clearance on the tool.
Thread mills could also be used, or even a tap for full form threads providing the axis is set without a helix angle.
I now have to work out the mechanism so I can sleep lol.
Standard threaded insert boring bars can be used for internal & external thread milling. See demonstration video below.
Even face mills can cut threads -

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