Rough it first...including the bore....stuff moves around, stresses are released...so drill the ID, and rough the OD, put a parting tool in to get the flange face, then finish the OD, then bore the ID. Then finish the parting operation. If you have to, you can then mount in a 4 or 6 jaw or on an arbor to finish face the flange...but if your careful, you won't need to.
Dave