This is how we bore long holes on woodwinds - normally much narrower but bigger sizes should only make it straighter. You need a bit of silver steel and then grind a flat on the end, about 3-4 times the diameter, and then grind an oblique cutting face. I would also relieve most of the shaft, just leaving enough to guide a straight hole. You drill by "pecking", go in about the length of the flat then withdraw to dump the plug of shavings. I use beeswax to lubricate. Drill a pilot hole first, just deep enough to get it straight.
Obviously this will generate large forces but then if you're drilling holes that size this probably isn't new information, but do be careful - maybe make smaller ones first and build up. I put handles on mine, easier than holding in the tailstock, but it has to be a handle that will be safe if the tool starts spinning - a T-handle at this size will take your wrist with it.
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