I would suggest forgetting about the fly cutter if removal of any significant stock is to be removed, and consider a multi insert face mill; I had two in my shop one was about 1 -1/2 " in diameter that took 3 triangular positive rake carbide inserts and one about 3" in diameter with perhaps 5 inserts; both worked well in a Bridgeport style machine, an Induma 1-S; they consumed little power, cut a square corner, and insert life was quite good. Both came with a R-8 shank integral with the cutter. The inserts were secured with button head Allen screws from one side. Don't feel like the Lone Ranger having little or no experience with these fly cutters; I have been working at the trade for very nearly fifty years now, and have never used one, always used face mills (up to 24" diameter) or shell end mills.