Probably an impractical option, but can you dial the gear cutter in on the lathe and grind the ID with a toolpost grinder?
I actually thought about doing that! Unfortunately, a toolpost grinder isn’t in the budget either, at the moment.
If I had to choose between grinding the import cutter bore and modifying my OEM arbor though, I probably would go for the cutter, since it’s more easily replaced. I think I’ll give building the mild steel arbor a shot, and see if it develops runout after a few cuts.