In the absence of a horizontal mill I would set the plate up on its side on my vertical mill table, with the slot-to-be horizontal. I would then use a slot saw of 6 inch diameter to cut the edges of the slot, ending each cut at the curve. How wide a saw would depend on the power and rigidity of the mill, and the type of steel, but it wouldn't be a hobby-sized machine. Then perhaps a third parallel cut (or two) along the middle of the slot. Then I would find a wider blade of the same diameter and use it to remove the remaining sections.
What I would avoid is any attempt to use a saw like this to cut only on one side of an existing slot. The blade would flex and try to follow the original slot, and quite likely jam if you were not paying 110% attention and had quick reactions.
In the absence of a saw big enough the fly-cutter idea would be an alternative, perhaps using the same sort of technique with a relatively thin cutter, and with the end of the cutter ground square (ie not angled) so it would not deflect itself up or down. After all, what would this be but a single tooth saw-blade?
The most difficult bit to get really neat, I suspect, is going to be the radius. A saw will make a clean job, but how it will cope when clearing the residual flanges depends on a lot of factors, including the sharpness of the blade (which might not be wonderful by then). It might be worth a try to leave the slot a few thou short, and finish the job by traversing the saw across the curved section several times, taking the most minute cuts each time and with plenty of lubricant.
I will certainly be keen to read alternative methods submitted by experts.
Regards, Tim