You should be ok as even though the weight 'either side' of the tube are different they should help balance each other out.Just take it slow to start with and see what you are happy machining at. You might also want to look at tack welding your new plate in the opposite end to provide some more support for gripping. Alternatively you could clamp the upright to the mill and bore through (slow!!) or put it on a rotary table, get a cutter and rotate the upright cutting out the inside. Personally I would go for the lathe option as it is the quickest!
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