5/8 Straight Boring Head Shanks (7/8-20)

Normally the shanks are not that hard. Is it possible that a 1/2'' shank would work for you? It sounds like your machine would not overpower it. Normally boring takes very little power because you take pretty light cuts.
 
I doubt it's hardened too high. On the Enco page, one user mentioned that he cut his off because it was too long. You'll find that there likely are center holes on both ends, so holding it true should be no problem. I would imagine though, that you would need carbide. While not very hard, they're not exactly soft either. But they are machinable.
 
I've machined down a few over the years. They are heat treated but machinable.
 
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