Pete, we think so much alike its scary.
I actually tried that & agreed, it would work given the low rpm (@ 60rpm) & you're right a minimum of 3 bearings is all that would be needed.
My issue with that design was axial load. In order to feed the stock I needed both sets of bearings, (or tubes as you have drawn) to house a one-way ratchet type system that would allow the stock to feed in one direction, but not the other (or back itself out)
The lazy susan bearings are actually made for an axial load, but again I don't like the 1/16" slop, if you double that (one set stationary/geared & the other fixed to the Y gantry) that makes for 1/8 of play.
You could scratch the whole ratchet design in the "thru" bearings if you could push the stock from the rear, but that means running a rack & pinion or something similar outwards to 8 feet from the business end.
I hope that makes sense, i'm starting to confuse myself

Damn, I figured Vodkaman would be all in this by now
I wanted to bring this contraption to the MO gathering but it weighs almost 100 pounds & would have to go freight.
We still have 20-some days to slim her down

If I wouldn't have made it to do big game baits, it would've been much smaller.