It could be done on a 4 jaw and use a carbide tool on the lathe, coming in like a tailstock
Easier I find if you first drill a small centre hole to depth, then skim off to the centre hole depth, a carbide tipped masonry drill can do the hole
edit: You will also get more grip/support from the upper/lower jaw on the chuck if you place a long piece of metal between the jaw and the workpiece, even a bit of clean HSS above and below would help spread the gripping force right across the workpiece
Edited By Ady1 on 10/01/2017 10:59:53