Hi Kbar,
 Did you come with a solution yet? 
Wondering how deep you are going with the saddle.
If its shallow you could just grind it out with a bucket of water close by
for the multiple cooling steps.
If its going to be welded on that would work. 
Obviously, if it going to bolted to the cannon and/or will be visible.
That would just not be pretty. 
I bought a phase 2 tool post today for the lathe.
Works good. Not as good quality as an Aloris, but "OK" 
Almost ready to make something  
