A cutting tool and cutter body assembly, including a disk-shaped cutter body and a plurality of support pads removably retained therein, the cutter body having an axis of rotation, two opposing end surfaces and a body peripheral surface extending therebetween. Each support pad intersects one of two annular-shaped planes equidistantly offset from opposite sides of a median plane perpendicular to the axis of rotation, and the cutter body intersects neither of the two annular-shaped planes. Each support pad is configured to make operative contact with a machined surface of a workpiece perpendicular to the axis of rotation. Each support pad has opposing upper and lower surfaces and a pad peripheral surface extending therebetween, the pad peripheral surface having an upper portion intersecting the upper surface, and the upper portion exhibiting N-fold rotational symmetry about a pad axis non-perpendicular to the lower surface.