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Hot glue is strong enough to hold the paxolin to a round block of wood or metal bolted to a countersunk bolt used as a spindle. You can then turn this in an electric drill and file round, best to use a tool rest to help hold the file (tool) I used my drill stand on its side with a block of 3x3 timber as the tool rest. Do be careful though with fingers and use goggles, and don’t allow it to become too warm.
I now have a small lathe so it is a bit easier and not so dangerous.
When you have finished just warm up the disk and slide the paxolin off.
Mike

PS. you could use an old car engine valve to glue the paxolin to.