Ok, I've read this thread from beginning to end. It's been around the proverbial horn (of Africa) more than once.
Yes, it's a bolt. No T-slot. Thanks
@Tom Kitta . I agree with you. I don't think cutting a T-slot would be easy or advisable for
@ThirtyOneDriver. I assume the divot on the side of the base of the bolt is for a dowel or lock screw to keep it aligned and stop it from turning.
After giving this some real good thought based on all the info here I've arrived at the view that:
Adapting to the old pin is mostly an attempt to be able to use the old tool post without removing the compound and also to solve the size difference between the old and new post bolts.
I don't think cutting the old compound down is a good idea because of the reduced stiffness and strength.
I don't think making a new compound is a good idea either because of the required precision associated with the way compounds are normally used. That's a project for a few years down the road.
It is my opinion that it's better to use the new tool post as is with a new bolt to make it fit the existing system. The new bolt would be the same size as the old bolt except longer. A custom sleeve would adapt the old diameter to the bigger bore of the BXA tool post. Both the new bolt and the sleeve are great projects for a new machinist.
This does not solve the tool height problem. But not all the tool holders are too high. To solve that issue, I'd simply machine whatever is needed off the bottom of the ones that are too high and be done with the issue for a few years. Might also have to use smaller tools in those few cases where it's needed (eg 3/8 instead of 1/2).
Keep in mind that adapting a bigger bolt to the smaller one does not increase its strength. In fact it is probably much weaker than the original because the cross sectional area of the remaining steel in the threaded tube is smaller than the cross section of the original bolt. Also, any part is only as strong as its weakest link - which is either the original bolt or the tubular section of the new one. A sleeve at least maintains the full strength of the original bolt.
Last but not least, you could drill out the compound to take a bigger bolt and skip the sleeve without losing the ability to use the old one because the bolt end would still serve as a centering locator in the bottom of the compound.
If you REALLY REALLY feel it's necessary, you could cut a little (AS LITTLE AS POSSIBLE TO MAKE IT WORK) off the top of the compound. Nobody ever said it had to be all or nothing. Try to do it in a way that preserves the ability to use the old tool post.
That's my thinking for whatever it's worth. Oh ya, and HAVE FUN!