running the spindle as a lathe spindle

I have a couple of small parts that could/should really be done on a lathe, but my efforts at getting them right on my (manual) wood lathe have been... disappointing.

I heard recently of a technique I hadn't considered, using a 3-axis CNC machine:  Mount the stock to the collet of my  router spindle.  Mount a fixed cutter to the bed, oriented parallel to the X axis.  Adjust Y so that the cutter falls on the centerline of the spindle's (and stock's) spinning axis.  X will now control depth of cut, and Z will move the stock vertically lengthwise past the cutter.

First:  Does this technique have a name?  That might help my searching.

Second:  has anyone done this?  is it a worthwhile technique?

The parts in question are reproductions of antique hand crank handles.  Since they conveniently have a 1/4" bore down the middle, securing them to my 1/4" router collet will be relatively simple.  My bed is threaded-hole style, so pretty flexible in terms of mounting the cutting tool.  Just looking for ideas, cries of dismay, incredulity, encouragement -- whatever you all have on offer today.

paul