Where there is a will there is a way.
You could do something very similar with a drill press, a decent vice and a counterbore bit.
The trick is getting everything aligned and if it were me, and all I had was a drill press, I'd take the little fixture OMM made and chuck the "bolt" lightly into the drill press to allow me to get it into the vice or clamped down after adjusting the drill press table, then I know for a fact my drill press is aligned. At that point, I'd use a counterbore, gently and get it done.
A mill is WAY better, but people in this thread have successfully used a stinking file.
Nothing screams rocket science about this.