thats where you would be wrong, I did the boring on the little 7x12 lathe.
i should have taken some pictures, but it goes like this.
gut your tail stock, then make a piece that just slides into the bore, mine was .872 inch
now you drill a 1/2 inch hole into the bushing
this now becomes a guide for later operations
you will need a 1/2 inch end mill (or whatever bore your going to) and a piece of drill rod the same size
you will weld the end mill to the end of the drill rod (lay end to end in piece of angle iron and clamp in place), you need this to be straight and you also need to grind the weld down smooth or slightly undersize.
now you need to put your barrel on the lathe with a 4 jaw chuck and a steady support
first you drill and bore as deep as you can using traditional methods.
now the trick to make it work is the bushing(s) i made for the tailstock to use as guides
i finished the bore in two steps
first drilled using a 1 foot long 3/8 drill bit, i made a bushing for this in the tailstock as well, i had the drill bit mounted in a electric drill that i used to advance the by hand. once i was to depth i bored 2.96 inches deep with a boring bar (thats as far as i could reach)
the bored hole is just .0015 larger than the end mill. the bored hole now works as a near perfect guide for the end mill. swap the bushings in your tailstock and once again use hand drill to advance the mill end. The lathe was also running. no cooling oil was used-it would just make the chips pile up and bind. took about 4 hours to bore out, then another half hour ream.
came out so close you cant even see any offset in dowel to barrel.
I am considering making a bore sight-i have a bunch of lasers and precision aiming devices for my telescopes, shouldn't be too hard to make a bore scope for the cannon.