Just thought I would ask, I have seen it run that way and it looked simple enough. It ran just like you were working with xyz.
There are three things to do with a XYZ toolpath to effectively "Wrap" it around a rotary axis.
First is to change the relevant axis designations,
One way is as you have described, swap axis signal output. As I said above there are other considerations when doing this. They can be taken care of also, if you want to do a bit more fiddling.
Another way is you can use a text editor to swap axis names. Also as described above.
There will be many other ways I can not think of right now.
Second thing is the output must be scaled to be correct on your given circumference.
This also can be done a myriad of ways.
From scaling the original artwork before toolpath generation. to using Mach's scale axis feature, to going through the code with a calculator and scaling each position. (Yuck)
Adjust the axis steps per unit setting etc. etc. etc. Choose your poison.

Thirdly the direction of output must be taken into account.
Many will simply set the rotary axis to run in the "other than conventional" direction. Nothing wrong with that, you are the operator and can run it any way you wish.
I prefer to stay with convention, but that is just me.

As I said above, I find a tool like CNCWrapper to be a great little utility. A couple of clicks and all is taken care of.
Greg