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Er40 collet chuck

I think one would be better stoning off the offending hill tops & then lapping. A typical tool shank might be pretty hard & put up a fight against any kind of reamer, assuming you could find an internal or female if I understand your.

They are all old endmill holders I got with my old mill-drill or on Kijiji with other stuff. They are all VERY soft. I have a dozen or so. I don't plan to even use them as tool holders. I was thinking more like machining the holder part and then use them as centers on my 10" rotary table which has an MT3 female taper. I have a specific job in my mind for the first one. They don't even need to fit well as per the normal use of an MT3. They just need to hold center. I'll machine the end mill holder end to make standard size cylindrical centers of say 1/4, 1/2, 3/4, 1", etc. Then I'll make individual sleeves of various sizes to sit on the MT3 centre and subsequently hold the part on center on the table. For precision, I'd use an indicator but for most jobs it's easier to just use a JT3 center and a sleeve.

The trick for lapping is finding a internal MT 'tool' form that didn't cost more than the bargoon shank tool found as it will slowly become consumed in lapping, ie. sacrificial if you are doing many.

Way more than I need for what I have in mind.

But I never considered making a lapping tool from a form made on a known good taper. This is worthy of a formal tip in tips N tricks, and something I'll remember for "next time".
 
MT5 to MT3 adapter makes a nice form for an external MT3 lap or reamer depending on how you approach it.

Relatively cheap and readily available.
 
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