Not knowing the OD of the PTG cutter Redneck references, but using his setup method with a 1" OD woodruff cutter, it sure seems like there is a potential for the cutter to cut on both sides of the chamber.
The PTG cutter is set up for magnum chamberings.. I use a 1/4" keyway cutter for standards.. Just center it on the bore, cut once, then back up and move the quill up .090 for the top cut and down .090 for the bottom cut.. Equals .430 which is standard M70 barrel cuts..
If you have the tenon cut at correct length, it's easy to dial in .200 of depth and make your cut.. If in doubt (and it's ALWAYS good to double-check) measure the original barrel for tenon, depth of extractor cut and distance of it from the shoulder.
As far as 'cutting into the chamber', you'll note that many factory barrel extractor cuts are (a)either into the belt cut (magnums) or (b) into the web a hair on standards.. It all depends on the measurements of your action, bolt, extractor and chambering..
Measure 2-3 times, and then measure again just to be sure..
Keep in mind, once the extractor cut's done, you still need to relieve the edge that meets the chamber to ensure no burr's there to scuff up new cases..
Just an observation, but I would not do it Clemson's way.. There's nothing to lock down that muzzle in case something gets loose.. I mount mine parallel to the table and ensure that muzzle is anchored.. NOTHING gets loose this way and eliminates a potential tool breakage or damage to the barrel..
Just my .02... Take it for what it's worth..