I may be totally confused but I think that the OP is looking for a 3MT arbour with a male 1/2" x 20 unf thread on the big end and a female drawbar thread (any size) on the taper end.
ARCeuro blank end arbours are pretty tough but I managed to make an arbour for gear cutters out of one. My guess is that the big end could be softened by heating to red with a gas torch and allowing it to cool naturally. Threading the end would then be a bit easier. Try it with the blank end arbour you've already had a go at.
HTH
Rod
Edit: cross posting: cutting off the tang and heating the taper end will tend to soften , not harden
Edited By Roderick Jenkins on 03/08/2015 20:45:15