A cutting tool and mounting system includes a tool carrier arranged to be mounted onto a workpiece, a cutting tool assembly carried by the tool carrier, and a tracking assembly connected to the cutting tool assembly and positioned to follow the contour of an outer surface of the workpiece. The cutting tool assembly includes a cutting tool arranged to be rotated about a longitudinal axis and a tool driving system connected to and arranged to transmit rotary input motion to the cutting tool. The cutting tool is secured by the tool driving system to be fed along its axis of rotation and transversely of its axis of rotation for cutting a workpiece through a wall thickness of the workpiece to impart a beveled surface to a severed end portion of the workpiece.