First things first, lets talk about turning a shaft. Boring a hole is pretty much the same thing (but in reverse).
1.310 - 1.1250 = 0.1850 (EDIT: I had a typo here and changed 1.1255 to 1.1250).
On my machine, when I dial-in 30 thou, it reduces the diameter by 60 thou (some lathes are calibrated for diameter reduction and not tool position). Since .1850 / 0.60 is 3.0833 we know I must take 3 passes at 30 thou and an oddball pass at 2.5 thou (.0833 x .06 / 2 is 0.0025).
Here’s the rub… What you dial in and how much comes off are two different things most of the time. Unless there is a gross F&S error or tool alignment issue, it will almost always take off less than what you desire. First, just go ahead, dial in the 2.5 and remove it. An amount that small should come off with no problem.
Ray C.