Hi there, Andrew,
Do you already have the PTFE you intend to use or do you still need to procure it? I ask because there are (I believe) grades of filled PTFE that preserve the non-slip qualities but are rigid enough to stay put when the cutting tool approaches. I can't supply chapter and verse regarding grades and specification numbers, I'm afraid.
The other thing I remember about turning PTFE is that smoking a cigarette while turning was reckoned to be a big NO-NO, exposing the PTFE swarf to high temperatures (like the end of the cigarette that's on fire) releases toxic fumes. In any case, I hope you're a non-smoker but if you're not, don't smoke and turn at the same time.
If you're going to turn the PTFE bush on the Traub, I suppose it'd be OK to smoke while you're watching progress through the windows.