I was interested by the issues raised in this thread so I've had a quick play in BobCad/Cam 4 Axis Standard using an elipse as a test shape and it appears possible to calculate the required path by defining a ball (lollipop) cutter of the required diameter, (I tested with 500mm) and selecting a small enough slice of the work to create just one path around it.
There are no X or Y moves in the generated code, just A and Z.
Initially somewhat counter-intuitive to see a non-eliptical path generating an eliptical workpiece!
Presumably most 4 Axis Cam software will allow something similar provided ball end cutters of a large enough diameter are supported,
Regards,
Nick