running the spindle as a lathe spindle

I have a couple of small parts that could/should really be done on a lathe, but my efforts at getting them right on my (manual) wood lathe have been... disappointing.

I heard recently of a technique I hadn't considered, using a 3-axis CNC machine:  Mount the stock to the collet of my  router spindle.  Mount a fixed cutter to the bed, oriented parallel to the X axis.  Adjust Y so that the cutter falls on the centerline of the spindle's (and stock's) spinning axis.  X will now control depth of cut, and Z will move the stock vertically lengthwise past the cutter.

First:  Does this technique have a name?  That might help my searching.

Second:  has anyone done this?  is it a worthwhile technique?

The parts in question are reproductions of antique hand crank handles.  Since they conveniently have a 1/4" bore down the middle, securing them to my 1/4" router collet will be relatively simple.  My bed is threaded-hole style, so pretty flexible in terms of mounting the cutting tool.  Just looking for ideas, cries of dismay, incredulity, encouragement -- whatever you all have on offer today.

paul

Having done this on many occasions but on other CNC machines, its just using what you got to make what you need.
Ive turned near full spheres on the end of a stick using a 3/8" round button insert lathe tool clamped on whatever angle in a vice, probably easier with button inserts- easy to touch off on.

The more difficult part is coming up with the NC code to do it- its not really a linuxcnc thing as a CAM thing. I was using mastercam x9 at the time, created a program using an inverse offset chain to drive the spindle/x/z in the right motion to achieve the part. Depending on the accuracy you require- you may need to include cutter geometry/radiuses to do it. In my case above the button insert radius was added to my offset via telling mcam the tool was 3/8" ball nose.

Was also able to hold a tolerance of around ±0.0002" with some fiddling around in A2 tool steel.