You can use a OD lapping tool for this, it will just take a while, IMO 0.3mm is achievable, maybe slow. Its not that much material.
I was kind of surprised how fast ID laps cut into soft metals. I mean rotary mechanized lapping with diamonds on a drill. I never tried a OD lap, but ID laps are certainly useful, i.e. you can use it to deburr a deep cross bore hole that has a burr in the middle of a deep bore (on the inner surface of the bore that you bored into)... but its kind of hard to control you know? If you have a three screw lap you will have to lap a little, measure, adjust, lap, measure adjust until you get it right. Just keep in mind if you do a deburr with a lapping tool, you will have a expanded region in the middle of the bore, where the lap spins the most while its removing the burr and also deforming the interior, but if you don't spin the lap in the entrance of the bore too much, the diameter there should remain close to nominal.. its not proper use but it works.
I would consider this a PITA on steel, on aluminum/copper it might be OK
Now If you have something sticking out of something you can't spin and you need to lap it, you would need to spin the lap, which is going to require some kind of adapter, usually you would spin the shaft and then lap. It takes a while and doing it by hand would probobly require a 'flight of the phoenix' or 'African Queen' scenario, like getting trapped in the desert having to convert a car to a motorcycle (what a tale), fixing a boat in a war zone or building a plane in the desert.
Keep in mind there are various grits of lapping compound, you want something aggressive. And you would want to make a relief cut around the perimiter of the shaft you are lapping to make a area where the lap can move freely (i.e. you are not running the lap into the side wall that is being formed), so you would first need to run across the shaft with grinder to make a score around the whole thing, then lap the area after the score, and when you are lapping part of the lap will move over the area that is relief cut. I.e. if you want to remove 0.1mm of material 1cm deep on the end of a shaft to fit something, you would need to cut say 0.15 - 0.2mm deep score line x 2mm (or more) wide 1cm from the end of the shaft, I think, because if you don't , the lap will climb on the uncut area while you are doing the lapping motion, that 2mm is a guess, you would need to determine what traverse oscillation distance the lap require, and make the score line of that width, and deeper then the final cut,.If you don't do this, I expect you will get a conical taper rather then a cylinder.
https://www.carbideanddiamondtooling.com/External-Laps-and-Lap-Holders-.0625-to-4.25-Inch-Diameter-ID-20361-