Tool holder. By HAMMERLAND. 8:06 video:
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I wouldn't say it's the best solution, myself. Maybe not a terrible one, but a little more attention to safety would be a GREAT idea. It's not that hard to make a fly cutter that would mount safely in a lathe chuck. I also wouldn't use aluminum for the tool holders. Tried that once, for my 7x10 mini-lathe, and it didn't work all that well. Mild steel is better, and tool steel would be better still. Though if aluminum is all you can get, it is better than nothing.
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