+1
A large diameter, solid carbide boring bar would be another option, using either a positive rake free machining insert or a negative rake high positive aluminum insert. Boring bars are readily available in 3/4" diameter, which allows boring roughly 7.5" (10 diameters), but cheap they are not ... roughly $500 retail, although there are a few on eBay for around $200:
http://cgi.ebay.com/ws/eBayISAPI.dl...f75474e&itemid=270507967769&ff4=263602_263622
Even though the bar will allow boring 7.5", no mill that I know of has more than 5" of down travel in the quill. Which means setting this up on a knee mill, snugging down the knee gibs, tramming the head dead nuts, bringing the quill down until the boring bar starts to cut, and raising the knee until the boring head almost touches the end of the Mag tube. Some Bridgeports (newer ones especially) do a decent job when raising the knee into the cutter, but the knee is almost always less accurate than the quill - it's a case of gibs versus ABEC-7 bearings, and the bearings always win
+1
I've done that also, using my largest V-blocks (4" or 5" length of V).