Kinda hard to say what's "best" about almost anything, particularly without the experience of a person's workshop equipment, the precise cutting tool contemplated its condition, your tendencies in feeds and speeds and your expectations of finish and ease of use.
I imagine you got a lot of lathe responses because people thought a turning solution was better for this piece than a T slot cutter or a slitting saw. But nobody knew for sure under your own conditions, any better than you did. So, one solution is try both on some scrap, and report back.
The deflection in your spindle might be play or deflection, you didn't say whether there was a "clunk" to get there.
If play, then that can be remedied, if deflection, unscrew your chuck, screw on a faceplate and bolt your piece to it, wide face toward the headstock. You'll remove a lot of overhang that way.