I wonder if you could do it with a boring bar like we used to bore motorcycle cylinders with. Bolted it to the top of the cylinder.
I use a Van Norman 944S boring bar to counterbore the back end of a stovebolt engine block for a full circle lip seal to replace the rope seal by bolting a piece of 3/4" plate to the back of the block to support the boring bar, and using the rear main bearing bore for centering. I'm pretty sure you could do the same thing with the bellhousing.
Jerry