Update number 1. Bit doesn't look like the one in the picture, the flights are evenly spaced along the length of the bit, not not closer together like in the picture. Had to cut the tail end off the bit and grind the carbides on the tip and the shaft down so the collar, thrust bearing and nylon spacer would fit. Got that done and heated it up and... didn't wait long enough and the screw jammed either from being too cold to the clearances are too tight.
Back at it tonight, going to use my mini lathe which I should have used to begin to shave a little more off the shaft of the bit. I found that forming a 7/16 inch hex head with a grinder isn't all that easy to do, and lucky for me, when the bit jammed, the motor popped off the hex head that I made, so I didn't do any damage to the motor. Incompetence does have some advantages.