Its one of the few times a chuck guard comes in handy, shielding flinging coolant when up close or in to chucks.
The only way you will keep cool is flood coolant in to the bore whether direct or via thru hole cutters. Pasting on only serves to lubricate which may or may not help.
Other way is let the job cool naturally, just check for warmth before final cut and use power feed.
Aside I think the main problem will encounter is tapering, theory don't always work. Boring bars flex even carbide and expensive Kennametal and the like. Favourite tool thru coolant are the likes of these stunners also great for undercutting – tips only **LINK** I do similar to depths of 46.4mm blind hole, reminds me have to do another for M28X1 thread.
For a one off I would opt for biggest round carbide I could hold and sharpen up. Angle tool post and cutter inwards will reduce flex and chatter. I know my Arno 20mm boring tipped bar would flex after around 1" in even doing 6082 aluminium, just beware.