Dave,

It can be done one a metal lathe. You just have to be very careful to not damage the blank.

I think that I would try to chuck up on the reel seat as far as I effectively could, using some tape to protect it.
I would support the blank with rollers close to the grip, rather than a live center at the end of the rod section.

I'm sure there are other ways of going about it...I'd just be scared of ruining the blank.