Welcome to the forum.
Rather than spending an inordinate amount of time making a very specialized machine look around for a Trend Router Lathe. There have been discussions about them in the forum so do a search to find the threads. They are not to my knowledge made anymore but come up on the used market every now and then on this forum and auction sites. It will let you get an idea of what can be done and if you really want to pursue them you can build the wood one, bigger if needed, or get a Legacy Ornamental Mill, a much more capable but rare and expensive machine.
Pete