People used to turn metal in that manner for ages, until modern machine lathes got developed. Still not the greatest of ideas. At least move that tool rest as close as possible to the workpiece, the less tool stick out you have the less risk as this reduces the leverage if/when the tool grabs hard.

Now, a more redneck but possibly slightly safer method would be to do it on the vehicle with an angle grinder. Let the hub spin on it's bearing, touching it with the grinding wheel at an angle such that the grinder makes the hub rotate as it removes metal.