Hi Guys,
A fly cutter is a very very useful tool, they do however have some failings, vibration, due to an out of balance condition, chatter due to the toolbit not being rigid enough.
Here are some pictures of my home brew fly cutters.
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This works OK, however it suffers from too long a shaft, and too much cutter stick out. This one was intended for deep hole work on a 50 mm bore.
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This one was made and used to clean a forked end and machine to size. Sorry about the focus.
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This one was made for surfacing and getting a relatively large area machined in one go. It also has the advantage of balance, rigidity and depth of cut. I can take a 40 thou cut in steel without any chatter. This type also has the advantage of mass.
They are also very easy to make. The one above is 3" inches in diameter and 20 mm thick on a 20 mm X 50 mm shaft. The tool bit is a piece of square HSS lathe tool.