I have boring bars that look like that. I can't tell the size of your holder, but if it had, say, a 3/4" shank.....it could fit in a boring head.
On the other hand, fly cutters need very little bottom clearance, so you could get there with a little fidgeting with the tool, not allowing it to sit flat in the slot. Or as mentioned, form cutters that are meant to cut on the side rather than the bottom.