Is that going to be a flat point with beveled edges? Or will it have a center ridge? If you epoxy the steel in and then try to bevel it for a center ridge on a belt sander, the epoxy will get hot and turn loose. How about boring a hole, then counter sinking each side of teh hole just a bit to leave a ridge or centerline in teh middle. Cover one side of the point with something solid and melt leade into the hole. File it flat with the point or bevel it. The ridge in the countersink will hold the lead in place.