ezland,
Well, sort of. It's slow and I didn't go very far when I tried it. Also I'm not sure how long the cold rolled steel would hold up.
When I made my tap I tapered it in my drill press with a file. Then I cut two grooves in it on my tablesaw with a composition metal cutting blade.
I don't think that the geometry of the flutes is perfect and you could do better with some careful Dremel/grinder work. Also you could probably harden it somewhat with heat treatment and a quench.
There are some relatively inexpensive acme taps from
_Wholesale Tool that would work better or be less work to get it right.
Chris