I would do it in a similar way to Mike but I would just lay the taper flat on the router table. The screw on the tapered end would be 3/4" off the router table and the screw on the large end would be 1 1/2" high. The front screw would also be 3/4" farther away from the router fence than the rear one so that the cylinder would be parallel to the router fence. You could use a protractor on one of the box end plates to mark your angles, centering it on either screwhole.
If you don't have a router table, you could build a trough on top of the box for a router to slide on and level to the top instead of the bottom. If you go this way, I would put a second screw into the large end about 3/4-1" away from the center screw to keep your cylinder from rotating while you are working on it.
By the way, Derek Willis posted a jig about 2 or 3 months ago for grooving a straight cylinder. What I described would be a minor adaptation of it. Do a search for him and then check his most recent downloads.