Do it. I have a lathe and I've made my own bushings from a rod of Poly that I bought.
Some here keep thinking that there's no cost savings if you have to go out and get a lathe, and that's true.
But you and I already have one so the only cost is the time to grind a HHS tool bit to cut the material.
When you do make a cutting tool you will need a very sharp edge and a generous relief angle.
"Drag racing is for those people who don't know how to down shift and brake at the same time. "
DD '12 VW Jetta TDI, Race car '87 ITA 16V Scriocco
Cars owned: '86 Mustang GT, '92 Mustang LX, '93 Mustang Cobra "R" #58