It should be possible without a Y axis, as I used to do the odd one on an ordinary manual lathe. What you'd need is the flexibility to orient the tool so that the insert axis is parallel with the X (cross slide) and then you can increment the cuts in X.
Interesting find, BTW. I didn't know anybody made tools specifically for this
First you get good, then you get fast. Then grouchiness sets in.
(Note: The opinions expressed in this post are my own and are not necessarily those of CNCzone and its management)