In principle it should be possible. I've done similar sort of thing to round the bottom of a model i.c. engine, albeit in aluminium rather than steel and using my dividing head as a rotary table. I cut most of the material away by setting the milling cutter over the centre of rotation and milling in the X direction at about 15 degree intervals to end up with a 24 sided polygon. (I also need to mill the slope for the upper part of the crankcase but that's not really relevant but you can see the set up)

In order to finish the curve I then rotated the job under the cutter. I had to move the cutter away from the centre line so that it was not trying to cut with the centre of the milling cutter, even though it was a centre cutting 2 flute slot drill

A milling cutter will rarely give you as nice a finish as the lathe but it should be dimensionally accurate even if you can see a lot of machining marks. Worth a try anyway.
HTH
Rod