I have cut internal, and external keyways, in steel, on a ML7, using the Slotting Tool designed by the later Peter Robinson.
Possibly College Engineering Supply still do the casting.
It has since been used, on a riser block, in the larger successor to the Myford.
+1 for drilling a hole to remove much of the metal leaving the tool to just cut out the corners.
On one occasion, a tool was mounted in the Tailstock, and the internal square produced using the Tailstock feed, to rack it to and fro, rotating the work, held in a 4 jaw chuck, for each cut.
An alternative method, might be, like Jason, to use the manual downfeed on a vertical mill to drive the tool through the work, whilst putting on the cut with the table traverse feed.
With a tool of suitable form, and the work on a Rotary Table, it would be possible to cut gears, or splines, in this manner.
Howard
Edited By Howard Lewis on 25/11/2020 12:47:42