Yup I've turned the boat rubber bumpers successfully a few times...really sharp hss tooling makes a mess, and don't get too aggressive. I can't say exactly what "too aggresive" means but I know I've taken too big of a cut many times because it was pealling off nicely so I gave it more and then it grabs and rips it out the chuck and scares the hell out of a fellow.
Ha.... I knew someone had posted about doing that. Just couldn't remember who and in what context.