Hi Cameron,
I've never tried to machine a narrow'ish slot quite as deep as that but if you know anyone with a shaper – then a tool similar to a heavy duty parting-tool might well manage it and is the simplest solution. A bit like 'linear' parting. I also use slitting saws for deep, very thin slots but my s/saws are mostly only 3" diameter, so wouldn't handle this case. I do have larger diameter side and face cutters (for my big horizontal mill) that could probably be used but obviously this is a very much meatier machine than your smaller vertical mill.
However, I think you should look at these alternatives (to using a long reach mill) as although it wouldn't be done "in industry" – anything that works in practice is usually OK by me. In this case, either a large diameter saw or face cutter held in a suitable mandrel would probably work. Whatever you use it would have to be done in multiple passes of course, just nibbling away at the work piece – very light cuts but I assume time is not an issue for you in this case.
Just a thought.
Regards,
IanT