You say that it would have to be very fast in X but is it not similar to the way a copy lathe worked also they made rifle stocks at springfield armoury in Massachusetts by a similar method in the 1800s (not using CNC though, not even an early version).
I am sure that some smart person could do the maths.
Is it also not the same sort of control you get when cutting threads?
Clive
PS. I am not being contentious just interested.