...or maybe it's a drilling or reaming question

Picture, if you will, a block of aluminium approx 10"x22"x3" (255x560x75mm, or thereabouts).
I need to drill three 5/8" (~16mm) holes, in fairly close proximity to each other, one of which will be through about 20" of the 22" long dimension. The other two holes will be shorter, but still ludicrously long; say 15" and 10", but I've not got exact depths yet. They'd be roughly central in the 10" dimension, and in the bottom 1" of the 3" dimension. Precise numbers aren't yet available, as the design work is not complete. Accuracy doesn't have to be in the "thousandths" range; 1/4" inaccuracy at the far end of the deep hole would be quite acceptable.
I have 2 machines available to me: Bridgeport milling machine, and the Edgwick lathe (6.5" centre height).
Assuming one can get cutters long enough.... I can see two obvious methods:
1) Mount the block on the lathe, and use a giant drill bit/reamer. Rather than having 1/2 ton of rectangular aluminium held in a chuck or somehow lashed to a face plate, it might be more prudent to make a jig to bolt the Ali block to the cross slide, and hold the cutter in the chuck; basically, make the lathe into a giant horizontal milling machine.
2) Tip the Bridgeport head on its side, and mill it out horizontally using a long drill bit/reamer. I'm pretty sure I can't get the height to use the mill in the vertical position; plus it would make mounting the work very difficult, and probably not terribly safe.
My money's on #2; your thoughts would be much appreciated. Please don't tell me it can't be done - that's like a red rag to a bull...