So as I mentioned in Does Not Follow, the stuff I had ordered arrived and I made a slitting saw arbor out of 4140. Then I found that the 1" shank of the arbor would not fit all the way through the cheap Chinese collet because it wasn't fully machined. I have a better collet ordered for future use, but some time spent with a brake cylinder hone relieved the current one sufficiently for the arbor shank to pass all the way through.
Then I installed the milling setup as best I could manage. This ended up being a really craptastic setup but eventually it got the job done once I figured out how the work wanted to be fed into the saw. The milling attachment would probably be better suited to light cuts in aluminum on maybe a slightly smaller lathe, but the cut still managed to turn out decent and I probably learned more than I would have by using a real milling machine. Didn't damage anything important although the arbor is going to need some re-work before I try to use it for anything else again. The 4" HSS saw was probably not the best possible choice for this application, but when I was looking at slitting saws on Ebay, it was the right thickness, big enough, and less expensive than anything else that was close.
I still need to mill the groove in the scotch yoke for the bronze crank follower, but my milling attachment is going to need some work before I tackle that. The tiny vise is too small to get a good grip on it from the small end, so I will probably have to bolt a piece of heavy angle iron directly to the vertical slide, and then clamp and/or through bolt the yoke directly to that.
After that I will have to somehow tackle the milling on the base and table castings. Will probably need to make adapter plates to bolt them to the vertical slide, and maybe place some sort of machinist jack or blocking between the other end of the casting and the cross slide for support.