Carbide has a Young's modulus of about 90,000,000 psi, steel around 30,000,000 psi. The formula for deflection (under a load that doesn't permanently bend the part or below its yield strength) is:
Change in length = (Load x length) / (cross section area x Young's modulus)
That boils down to a carbide boring bar deflecting 1/3 of what a steel bar would deflect. If you peck and peck away at it, you may get close enough with steel. If it's bored all the way through, you may try a 4-jaw chuck and indicate the work in. Go 4" deep from either side if you want to try steel, otherwise go with the carbide bar suggested above.
Bruce