Didn't one of Alan Hearsum's articles in a recent MEW address this issue in his rebuild of was it a Myford or Drummond? From memory, he set it up on a vertical mill and dropped a DTI on suitable mount down into first the top hole then the bottom hole to get it all set up true to the spindle both concentrically and vertically, then bored out the top hole with shoulder. Then he flipped the job over and set it all up again, same way, and bored that one out with shoulder. You would have to be very precise with the set up both times in order to achieve the same level of concentricity as a between centres boring bar though.
PS, just checked an it was in issue 252 (mislabelled as 251) page 23, he did the above to a Drummond but using a Myford spindle modded to take the taper roller races, in the article "Building a Drummond M from Parts". He did it this way because the holes in the headstock casting to be machined were too high up to be bored between centres while it sat on the T slot cross slide, some thing to keep in mind when looking for a suitable lathe to do the job that way.
Edited By Hopper on 02/05/2017 09:17:30