Richard
Here is a picture of the set up with PTG reamer holder that I use pretty much the same as Skeetlee used in his testing. Also is a Video of one of the chambers cut with this setup. First drill the chamber then taper bore until the reamer will go 1/2 inch or more into the chamber with the reamer bushing going into the uncut throat of the chamber.
Yes I always cut the threads and cone first don't have a reason just do. I also check the throat and chamber end with both the grizzly rod and long needle indicator before I do any drilling and cutting after threading. I really enjoy and like using indicators.