Interesting idea. Of course, if you still have an old Dual turntable, you won't need this, as I found the spindles were invariably undersized..a bit.
Hey..can this thing ream an oblong hole, so you can 'straighten' off-centre discs? I've done this many times, using a slot screwdriver. Fortunately, I'm fairly co-ordinated, so I haven't gouged any LP's.
I won't describe the method I use to figure out where to scrape, but I'm sure your readers can probably figure out how to do this.