I made something similar to profile the venturi for a model aeroplane engine. Not quite as big as the one you have shown, it was out of 0.5" silver steel, like your drill rod. I simply turned the profile I wanted....a shallow taper starting at about 1/8" diameter, something like 10 or 15 degrees, finished with a big radius 0.25" if I remember. Then parted it off, milled down to 1/2 diameter plus a bit, filed in some clearance, filed away the "back" of the tool, and hardened it. Cleaned up and honed it works a treat. I just drill a 1/8" diameter hole, stick the reamer in the tailstock chuck and gently crank it in, with lots of kero, and frequent withdrawals to clean off swarf. Not too fast. Because I went to some trouble to hone the cutting edge, it leaves a beautiful finish.
Don't stress over it, give it a go, they are very quick and easy to make.
best of luck
Bill Pudney